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PayPal readies for EU crypto push with Luxembourg roll out

PayPal readies for EU crypto push with Luxembourg roll out

PayPal is to expand its cryptocurrency service to Luxembourg in a move that portends a further roll out across the European Union.

Once available, eligible customers will be able to buy, sell and hold Bitcoin, Ethereum, Litecoin and Bitcoin Cash in their PayPal accounts via the website or the mobile app.

Customers can start by buying as little as €1 of cryptocurrency through PayPal.

The move to Luxmbourg follows the introduction of the service two years ago in the US and expansion into the UK last year.

Jose Fernandez da Ponte, SVP and GM, blockchain, crypto & digital currencies, PayPal, says: "Adding Luxembourg is an important step in PayPal’s mission to make digital currencies more accessible. 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."

The forthcoming EU-wide regulatory regime for digital assets, MiCA, will give passporting rights to crypto businesses already licenced in member states.

As the home of PayPal EU headquarters, Luxembourg is a natural starting point for PayPal on its first crypto incursion into the 26-country trading bloc.

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