PayPal UK Unit Registers as Crypto Service Provider

Payments giant PayPal has successfully registered with the U.K. Financial Conduct Authority as a crypto service provider, the regulator’s website shows.

Paypal UK Limited, which was entered into the registry on Tuesday, is permitted to engage in “certain cryptoasset activities.” Companies offering crypto services in the U.K. must be approved for registration and comply with the FCA’s anti-money laundering rules.

Landing on the register, which opened in 2020, means PayPal can also approve its own crypto-related communications under the recently imposed marketing regime. In August, PayPal announced that it was temporarily pausing crypto purchases in the country to comply with the regime.