UK Regulator FCA Approves PayPal As Crypto Service Provider On Heels Of Suspension

The U.K. Financial Conduct Authority (FCA) officially recognized PayPal PYPL as a crypto service provider, as indicated on the regulator's portal.

The approval, granted to PayPal UK on Tuesday, Oct. 31, allows the firm to partake in "certain cryptoasset activities."

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It is imperative for companies providing crypto services in the U.K. to gain this registration to ensure they adhere to the FCA's stringent anti-money laundering protocols.

Furthermore, with this registration — which was introduced in 2020 — PayPal can now independently authorize its crypto-centric communications, aligning with the newly established marketing guidelines.

This comes on the heels of PayPal's August announcement, wherein they temporarily suspended crypto purchases in the U.K. to align with these very guidelines.

Join the conversation at Benzinga's Future of Digital Assets conference on Nov. 14, where the evolving landscape of digital assets and their integration into mainstream financial services is expected to be a key focus.

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