Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
The U.K. Financial Conduct Authority (FCA) officially recognized PayPal (NASDAQ: PYPL) as a crypto service provider, as indicated on the regulator's portal.
The approval, granted to PayPal UK on Tuesday, Oct. 31, allows the firm to partake in "certain cryptoasset activities."
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It is imperative for companies providing crypto services in the U.K. to gain this registration to ensure they adhere to the FCA's stringent anti-money laundering protocols.
Furthermore, with this registration — which was introduced in 2020 — PayPal can now independently authorize its crypto-centric communications, aligning with the newly established marketing guidelines.
This comes on the heels of PayPal's August announcement, wherein they temporarily suspended crypto purchases in the U.K. to align with these very guidelines.
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