PayPal được chấp nhận cho các dịch vụ tiền điện tử ở Anh

Recently, PayPal has registered with the Financial Conduct Authority (FCA) to provide crypto-asset business in the UK. The move comes as PayPal is setting up its headquarters in the UK after Brexit and reflects its commitment to serving the UK market.

According to one Report According to Reuters, the UK cryptocurrency market is awaiting its first set of regulations; companies that want to offer crypto assets must prove to the FCA that they have strong safeguards to prevent money laundering and terrorist financing.

The FCA has also taken strict measures against the marketing of cryptocurrencies, disrupting efforts such as Binance.

FCA approves PayPal to register as cryptocurrency business in UK

PaypalThe global payments group, which launched a cryptocurrency buying and selling service in 2021, has announced that it will suspend customers’ ability to buy cryptocurrencies in the UK starting October 1.

The company expects to resume offering the service in early 2024. Despite the temporary suspension, PayPal has received approval from the FCA to become an authorized electronic money institution, consumer credit company user and registered crypto asset company.

According to reports, PayPal UK customers will be transferred to a new British company from November 1, marking the company’s adaptation to the post-Brexit situation.

PayPal has assured customers that they will continue to receive the same products and services in the UK.

UK government legal framework

Recent news that PayPal has decided to temporarily stop buying and selling cryptocurrencies in the UK was influenced by the FCA (Financial Conduct Commission) imposing stricter regulations on the advertising of electronic currency products in financial accounts.

However, the UK government’s recent update to the crypto-asset regulatory framework emphasizes risk management while also encouraging innovation, showing a progressive approach to solving the problem.

The government recognizes the transformative potential of digital assets and aims to strengthen the existing regulatory framework under the Financial Services and Markets Act 2000 to ensure an effective balance between benefits and risks.

In summary, PayPal’s approval to provide crypto-asset services in the UK demonstrates its commitment to the UK market and compliance with regulatory requirements.

While the temporary suspension of crypto services remains as planned, PayPal continues to focus on providing UK customers with a compliant experience with crypto assets.

Currently, the total market capitalization of the cryptocurrency market continues to increase, with capital inflows continuing from last week until now.Currently, the market value has reached US$1.25 trillion, of which Bitcoin (BTC) dominates with 53.8% market share.

The current trading level of over $1.25 trillion is significant for the cryptocurrency market. This is a level that has not been surpassed since before the FTX crash in November 2022.

In order to achieve further growth, the market needs to go through an accumulation phase and establish this level as strong support, paving the way for a retest to higher levels.

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