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A smartphone with the PayPal logo is placed on a laptop in this illustration taken on July 14, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights
LONDON, Nov 1 (Reuters) – Global payments giant PayPal is registered to offer cryptoassets “activities” in Britain, the Financial Conduct Authority has said on its website.
The crypto market in Britain is awaiting its first set of rules, but in the meantime companies that want to offer cryptoassets must show the FCA that they have sufficient safeguards against cryptoassets being used for laundering money or financing terrorism.
The regulator has also brought in tougher safeguards on marketing cryptoassets, which have snarled rivals like Binance.
PayPal, which first launched crypto buying and selling in 2021, said in August that it was temporarily pausing the ability of UK customers to buy cryptoassets from Oct. 1, and that it expected to restart in early 2024.
PayPal had no immediate comment on the FCA registration.
Reporting by Huw Jones; editing by Jonathan Oatis
Our Standards: The Thomson Reuters Trust Principles.
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