PayPal Will Provide Cryptocurrency Services in Luxembourg

PayPal is expanding its crypto services to Luxembourg after debuting in the United States and the United Kingdom in 2020 and 2021, respectively.

According to a recent story in The Cryptonomist, PayPal has its sights set on the European Union, and the growth in Luxembourg makes sense considering that the country is already home to PayPal’s EU headquarters and may serve as a gateway to the other 26 EU countries.

PayPal predicts that the EU’s Markets in Crypto-Assets (MICA) regulation will become law by the end of the year, allowing all crypto service providers to sell their products throughout the entire EU. This law permits enterprises registered in each member state to sell their services via an identifying registration process. In recent months, cryptocurrency exchanges such as Coinbase and Binance have capitalized on this possibility. Gemini and Nexxo are currently registered in Italy.

With PayPal’s entrance into Luxembourg and future expansion ambitions in the EU, the sale and purchase of cryptocurrencies will become a reality. In addition, PayPal clients in Luxembourg will be able to explore cryptocurrencies within the familiar and secure PayPal ecosystem. Customers will have access to instructional content and have their questions about the risks and opportunities of bitcoin answered inside this environment.