It looks like Paypal is all set to start and grow into the European Union (EU).
PayPal, a multinational financial technology company, based in the United States that operates an online payment system, is expanding to Luxembourg. Furthermore, Paypal is a widely used payment company in the world.
According to news reports from Paypal, the online payment company is offering its cryptocurrency services to Luxembourg in the coming days.
Paypal Offering Various Cryptocurrency Services
The Company announced that we noticed once the services become commonly available to the residents of Luxembourg, they will be capable of buying, selling and holding cryptocurrencies like most of the following:
- Ethereum (ETH)
- Bitcoin (BTC)
- Bitcoin Cash(BCH)
Customers can execute cryptocurrency transactions through PayPal’s website or mobile app. In addition, the Company added that Luxembourgish clients would be able to explore a variety of cryptocurrencies and learn about the “potential and risks” linked with them.
In News Reports, Paypal highlights that expansion to Luxembourg is a vital step in Paypal’s plans to make digital currencies more accessible. Furthermore, the Company stated:
We are dedicated to continuing to collaborate closely with authorities and policymakers in Luxembourg to shape the future role of digital currencies in global banking and trade.
It’s important to understand that PayPal’s EU headquarters are now in Luxembourg.
Suppose that cryptocurrency service development in Luxembourg is not accidental. When the European Union implements the Markets in Crypto Assets (MiCA) regulation, Luxembourg could be the way for PayPal to offer its crypto services all over the European Union.
The MiCA says that Cryptocurrency Service providers that hold a license or authorization in one of the countries in the EU automatically get a green light to offer their services across the remaining member states in the block. This procedure is called Passporting.
PayPal’s crypto services were firstly available in America in 2020. In 2021, they were also made available in the United Kingdom.