PayPal announced the receipt of permission to work with crypto assets in Luxembourg

The payment company PayPal announced its readiness to provide cryptocurrency services to users of the crypto service in Luxembourg in the coming days.

According to a PayPal statement, the company is finalizing procedures for agreeing with regulators and legislators of the Grand Duchy to create operating rules that will suit investors, site customers and officials. PayPal is going to allow customers from Luxembourg to store, buy and sell cryptocurrencies through websites, apps and other crypto platforms.

The license of Luxembourg, where PayPal’s European headquarters is located, could be the beginning of the company’s expansion into the other 26 countries of the association – as soon as the regulation on crypto-assets markets (MiCA) comes into force. The MiCA regulatory regime grants firms registered in any individual EU member state a license to provide similar services throughout the Union through a process known as passportization.

PayPal does not charge any taxes or fees when buying, selling or holding cryptocurrencies. All that is required is that the user of the global payment service has a valid account.

Previously, Trend Micro analysts warned PayPal users about a new wave of account fraud used by businesses related to blockchain and cryptocurrencies. Fraudsters impersonate payment system operators and try to get access to confidential data from the user in person.

Source: Bits

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