It seems that PayPal is making its first moves to expand to the European Union (EU).
PayPal, an American multinational financial technology company operating an online payments system, is expanding to Luxembourg.
According to the press release shared by PayPal, the company is bringing its cryptocurrency services to Luxembourg in “the coming days.”
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In the announcement, the company noted that once the services become available to the residents of Luxembourg, they will be able to buy, sell and hold cryptocurrencies like Ethereum (ETH), Bitcoin (BTC), Bitcoin Cash (BCH) and Litecoin (LTC). Customers will be able to perform crypto-related transactions using PayPal’s website or mobile app.
Moreover, the company stated that Luxembourgish customers will be able to explore a wide range of cryptocurrencies and learn about “the opportunities and risks associated with cryptocurrencies.”
In the press release, PayPal stressed that expansion to Luxembourg is a crucial step in PayPal’s plans to make “digital currencies more accessible.” Moreover, the company added:
We are committed to continuing to work closely with regulators and policymakers in Luxembourg to meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.
It is worth noting that PayPal has opened its EU headquarters in Luxembourg.
One can assume that crypto service expansion to Luxembourg is not accidental. When the European Union launches the Markets in Crypto Assets (MiCA) regulation, Luxembourg could become PayPal’s gateway to offering its crypto services across the European Union.
The MiCA states that crypto service providers that hold a license or registration in one of the countries in the EU automatically receive a green light to offer their services across the rest of the member states in the bloc. This process is called passporting.
PayPal initially launched its crypto services in the United States in 2020 and expanded them in the United Kingdom in 2021.