PayPal is planning to launch a crypto service in Luxembourg. It seems to be a first step to later also open their software to other countries in the European Union.
PayPal allows customers in Luxembourg to buy, sell and hold cryptocurrencies. Of course, bitcoin as the flagship of the crypto market is also included here.
In a press release dated December 7, PayPal announced the launch of crypto services in Luxembourg. Jose Fernandez da Ponte, director of blockchain, crypto and digital currencies, tells:
“The addition of Luxembourg is an important step in PayPal’s mission to make digital currencies more accessible.”
The company is working closely with regulators and policymakers in Luxembourg to shape the role of digital currencies in global finance and trade.
The company will also provide educational information and answers to frequently asked questions to customers. One can buy cryptocurrency from the minimum amount of €1 via the website or mobile app using their PayPal balance, linked bank accounts or EU issued debit cards.
Nothing new in itself: the company launched these services in 2020 for the US market, to expand to the United Kingdom in 2021.
With Luxembourg in 2022, the way may be cleared to do the same in the other 26 EU member states next year, after the Markets in Crypto Assets (MiCA) regulation comes into force.
Since this year, customers can also withdraw their purchased cryptocurrency from the platform. For a long time it was a closed system, where the recording function could not be used.
PayPal has had a rough year and a half. The share fell 75%, from over $300 to $70.