PayPal is expanding its crypto services to Luxembourg. They launched in the U.S. in 2020 and in the UK a year later.
According to a recent article by The Cryptonomist, Paypal has its eyes on the European Union. And the expansion in Luxembourg makes sense given that its currently home to PayPal’s EU headquarters. This serves as a potential gateway into the EU’s other 26 countries.
The timing is also key as PayPal anticipates the EU’s Markets in Crypto-Assets (MICA) will become law by the end of the year. This will enable all crypto service providers to sell their products across the entire EU. This regulation gives companies that are registered in each member state a license to sell their services through an identification registration process. In the past several months, crypto exchanges such as Coinbase and Binance have taken advantage of this opportunity. What’s more, Gemini and Nexxo are now registered in Italy.
PayPal’s expansion into Luxembourg, with plans to further expand in the EU, will make both the sale and purchase of cryptocurrency a reality. What’s more, customers in Luxembourg will be able to explore cryptos within the safe and familiar space they have come to know. It is within the PayPal ecosystem. It’s also within this environment that customers will have access to educational content. And they will have their questions answered to understand the risks and opportunities with cryptocurrency.
Fintech giants such as PayPal have been the biggest proponents of crypto adoption. We have covered this feature here.