The British financial regulator, the Financial Conduct Authority (FCA), has granted PayPal a license to offer crypto asset activities in Britain, as reported by Reuters on 1 November.
As a result, PayPal UK Limited is now allowed to engage in "certain crypto asset activities."
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According to the company, which in August announced a temporary suspension of crypto purchases in the country, the suspension will still not be lifted.
The watchdog has registered the company as an authorized electronic money institution and consumer credit firm. In addition, it has been registered as a crypto asset business.
A PayPal spokesperson said:
"The Financial Conduct Authority has approved PayPal UK Ltd as an authorized electronic money institution and consumer credit firm, and registration as a crypto asset business, enabling the transfer of PayPal’s UK customer accounts to this new UK entity from PayPal Europe on 1 November 2023."