- PayPal UK has recently registered with the UK Financial Conduct Authority for specific activity related to crypto assets.
- The UK Treasury released its final recommendations for the regulation of cryptocurrency asset activities, which coincided with the registration.
In order to provide crypto asset activities within the UK, PayPal UK has registered with the Financial Conduct Authority (FCA).
On the website of the UK financial authority, the registration became operative on October 31. PayPal UK will be subject to particular restrictions, according to a notice on the FCA’s website, unless the FCA has given its approval to the contrary.
Due to the limitations, PayPal UK will not be able to acquire new clients, and current clients will only be allowed to hold or sell tokens—they will not be able to purchase tokens. They also say the business is unable to grow its existing service offering.
Beyond this, the FCA listed a number of services that were forbidden, such as assisting in peer-to-peer transactions, offering staking services, offering initial coin offerings, and engaging in DeFi activities like lending and borrowing of crypto assets.
Furthermore, PayPal UK will not be permitted to run “a machine which [uses] an automated process to exchange money for cryptoassets or cryptoassets for money.”
Waiting to buy cryptocurrency
Due to FCA regulations, PayPal suspended cryptocurrency purchases in the UK in August. This will carry on through 2024.
CryptoCaster Quick Check:
PayPal’s cryptocurrency registration coincides with the release on Monday of the UK Treasury’s final plans for future regulation of the activities related to crypto assets. The recommendations make forth the desire of the UK government to include a number of cryptocurrency asset activities inside the financial services regulatory purview for the first time.
We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism.
From Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.
And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.
When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble.
Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.
We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.
Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt