Payments company PayPal said on Wednesday, PayPal‘of cryptocurrency service in the coming days. to Luxembourg will expand and to the European Union He said it might be his first entry.
PayPal Expands Cryptocurrency Service to Luxembourg
This expansion could open the door to making the service available throughout the European Union.
Home to PayPal’s EU headquarters, Luxembourg could act as a gateway for the other 26 countries on the block once the Crypto Asset Markets (MiCA) regulation goes into effect.
This regulatory system would theoretically license firms registered in any member state to provide services across the EU through a process known as passporting.
Crypto exchanges Binance and Coinbase have chosen this path in recent months. Most recently, Nexo and Gemini registered in Italy.
The move to Luxembourg expanded to the UK last year after the crypto service first became available in the US in 2020.
Once available, users From 1 Euro ($1.05) prices starting from bitcoin, Ethereum, Litecoin and Bitcoin Cash they can buy, sell and hold.
It was noteworthy that this development came after the crypto money exchange FTX collapse.
Recently, Grace Berkery, the startup engagement director at payments processing company Mastercard, said that the collapse of FTX would ultimately be positive for the cryptocurrency industry.
Also, Goldman Sachs head of digital assets, Mathew McDermott, noted that broad investment opportunities abound as crypto assets are priced much more reasonably.
Quoting The Economist’s November 23, 2022 headline of “how crypto goes to zero” on Cz, Binance CEO said, “These types of articles …. signal.” he said.
*Not investment advice.
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