The financial watchdog conducted inspections in conjunction with the South West Regional Organized Crime Unit and the police forces of Greater London, Bedfordshire and Hertfordshire.
A16z Chooses London as Destination for First Office Outside U.S.
The venture capital firm plans to use the office, which will open later this year, to fund growth in the crypto and startup ecosystems in the U.K. and Europe.
Digital Pound Foundation launches to promote CBDC development in the UK
The think tank wants to ensure the United Kingdom keeps pace with the developments in the emerging digital landscape.
Bank of England unveils all-star payments and tech lineup for CBDC Forums
Executives and experts from Google, Amazon, PayPal and ConsenSys will be assisting Britain’s central bank with its CBDC research.
PayPal To Facilitate UK Customers With Cryptocurrency Trading Feature
PayPal users with accredited identities will start accessing cryptocurrency trading soon. However, cryptocurrency transactions for its business account are not supported yet.
Starting from this week, U.K residents will have initial access to buying, holding, and selling cryptos via PayPal. This development will make a remarkable milestone for a firm that started providing digital asset services within one year.
PayPal is an American multinational financial technology company that operates an online payments system. It’s a global payment provider with services accessed in most countries that support online money transfers.
PayPal serves as an electronic alternative to traditional payment methods such as checks and money orders.
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On Sunday, the popular payment provider declared its intent to allow U.K customers access to cryptos. The cryptos are Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Bitcoin (BTC). Of course, you can always access them via mobile app or website.
The Sunday announcement marked PayPal’s first expansion of crypto services outside the U.S and was initially launched last year November.
PayPal Aims To Boost Cryptocurrency Exposure In U.K.
Jose Fernandez da Ponte cited money digitization during COVID-19 as one of the main motivations for embracing crypto. Jose Fernandez is a high-ranked executive for PayPal’s cryptocurrency division. He added that;
“Our expertise on global digital payments provides us with the opportunity and responsibility of helping U.K. residents to explore cryptocurrency. This adds to our businesses and consumers knowledge combined with various security and compliance controls.”
By making its crypto services available to U.K. residents, the online payment giant plays a role in increasing the country’s cryptocurrency exposure.
After a sudden pullback, the market is back on bullish track | Source: Crypto Total Market Cap on TradingView.com
According to reports, the payment giant has the highest penetration among other European countries in U.K.with over 2 million active users monthly.
Rumors on PayPal’s crypto expansion proposal have been in circulation since the past month after Dan Schulman’s speech. Dan Schulman’s CEO had earlier informed investors on the soon coming PayPal services to the U.K. residents.
Reports further show that PayPal’s eye development in Defi is a precursor to integration plans in the future. The Financial Conduct Authority (FCA) on regulation in the U.K. goes down on some crypto exchanges. These are exchanges that have not met their registration demands.
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For example, FCA shuttered the operations of Binance U.K. after warning them against providing regulated trading activity in the country this summer.
PayPal’s da Pote Jose gave assurance that his company will keep working with U.K. regulators and others to roll out its cryptocurrency services.
Featured image from Pixabay, chart from TradingView.com
PayPal set to launch crypto trading in the UK and may embrace DeFi
The global payments platform wants to let British customers trade crypto on its new “super app”.
UK FCA will spend £11M to warn people about investing in crypto
U.K. financial regulators have announced an 11 million pound digital marketing war chest to warn people about the dangers of crypto investments.
UK’s NatWest bank limits transactions to crypto exchanges
NatWest and other U.K. high street banks have ramped crypto curbs amid recent regulatory pressure on the sector.
Binance suspends popular fiat ramp for U.K. customers amid regulatory crackdown
Faster Payments is no longer an option for Binance customers in Britain amid increasing regulatory pressure.
Another UK bank serves anti-crypto notice to customers
U.K. commercial bank NatWest says it does not want to do business with clients and customers who deal in crypto.
UK Trade Negotiators Eye Blockchain Provisions in Coming US Trade Talks
The U.K.’s trade negotiators want to set the pace for global blockchain regulation in its upcoming free trade talks with the United States.
UK Telecom Regulator Wins Grant to Study Blockchain
The U.K.’s communications regulator, Ofcom, received £700,000 to study potentially using blockchain in managing the nation’s 1 billion phone numbers.
UK Government Launches Crypto ‘Task Force’
The U.K. Chancellor of the Exchequer, Philip Hammond, will reveal a “crypto assets task force” Thursday. It will tackle the tech’s risks and benefits.