Key Points
- 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).
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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.
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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.
Businesses that provide cryptocurrency services in the UK are required to abide by the FCA’s anti-money laundering regulations and be granted registration.
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