The well-known financial technology platform, PayPal, intends to launch cryptocurrency services in Luxembourg. This is an attempt to broaden the availability of services in the European Union. PayPal's headquarters are in Luxembourg, which might serve as a gateway for the bloc's other 26 members.

This is possible if the Markets in Crypto Assets (MiCA) regulation is passed and implemented. If this occurs, customers in Luxembourg will be able to buy, sell, and retain digital currencies.

At the time, PayPal's SVP and GM of blockchain and digital currencies, Jose Fernandez da Ponte, stated: “The addition of Luxembourg is a significant step forward in PayPal's mission to make digital currencies more accessible.”

PayPal Wants To Change Crypto's Role In Global Finance

As it intends to act in cooperation with lawmakers, customers in Luxembourg will be able to discover the digital currency market through a reliable and safer platform. According to the company, its goal is to ensure that it can shape and frame the role of digital assets in mainstream international finance and commerce.

Furthermore, PayPal will provide educational content and FAQs for customers to help them understand the benefits and drawbacks of cryptocurrencies.

It allowed customers to buy, sell, and hold Bitcoin, Ethereum, and Bitcoin Cash for as little as €1 using their PayPal balance, which is connected to their bank accounts, or with the assistance of EU-issued debit cards.

PayPal is concerned about its customers.

Another goal of launching the service in Luxembourg was to make it more accessible to all potential users. In this regard, PayPal is quoted as saying: “To buy cryptocurrency, eligible customers can log into their PayPal account via the website or mobile app, navigate to the new crypto tab, and view the four cryptocurrencies that are currently available. 

Customers can select from pre-set purchase amounts or enter their own amount and follow the prompts to purchase the cryptocurrency of their choice. Customers will be able to buy cryptocurrency with their PayPal balances, linked bank accounts, or debit cards issued by the EU. Customers who sell assets through this new service will quickly receive funds in their PayPal accounts.”

PayPal claims that it will not charge customers for custodial services but that buying and selling will incur fees.

What do you think of PayPal's decision to launch a crypto service? Let us know your thoughts by sharing this article on social media.

Dec 9, 2022
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