By Huw Jones
LONDON (Reuters) -PayPal has been registered to offer crypto asset activities in Britain, the Financial Conduct Authority said on its website, as the global payments giant builds a post-Brexit base in Britain.
As the cryptocurrency market in Britain awaits its first set of rules, companies that want to offer cryptoassets must demonstrate to the FCA that they have sufficient safeguards against their use for money laundering or financing terrorism.
The regulator has also introduced stricter safeguards for the trading of crypto assets, which have entangled rivals such as Binance.
PayPal, which first launched cryptocurrency buying and selling in 2021, said in August that it was temporarily pausing the ability of UK customers to buy crypto assets starting October 1 and expected to restart in early 2024.
PayPal said on Wednesday that the FCA approved the company as an authorized electronic money institution and consumer credit firm, as well as its registration as a crypto asset company, although the pause on UK crypto services would continue as planned. previously announced.
The approvals mean that from November 1 PayPal customers in the UK will be transferred to a new British-based entity from PayPal Europe, which until now had served UK customers, reflecting the departure of Great Britain of the European Union.
"PayPal continues to offer our customers the same products and services in the UK," he said.
(Reporting by Huw Jones; Editing by Jonathan Oatis and Alexander Smith)
