PayPal to Expand Cryptocurrency Service to Luxembourg

Payment giant PayPal has expanded the cryptocurrency service to Luxembourg. What would be his first foray into the European Union.

PayPal will expand its cryptocurrency service to Luxembourg “in the coming days.” This was stated by the payment company on Wednesday, in what may be its first foray into the European Union.

Luxembourg, which is home to PayPal’s EU headquarters, could serve as a gateway for the bloc’s other 26 countries. Once the regulation of Cryptoactive Markets (MiCA) enters into force.

In theory, this regulatory regime should grant companies registered in any member state a license to offer their services throughout the EU through a process known as passporting. Cryptocurrency exchanges Binance and Coinbase have taken this route in recent months. More recently, Nexo and Gemini were registered in Italy.

The move to Luxembourg follows the crypto service’s initial launch in the US in 2020, followed by an expansion to the UK last year. Once available, users will be able to buy, sell, and hold Bitcoin, Ether, Litecoin, and Bitcoin Cash for as little as 1 Euro ($1.05).

Law on consumer protection of cryptocurrencies