PayPal Expands Crypto Buy, Sell, Hold Service to Luxembourg

Luxembourg is a country known for its “strong” focus on innovation and is one of the world’s “leading” financial centers, and PayPal (NASDAQ:PYPL) is pleased to announce that they will be “expanding PayPal’s cryptocurrency services to eligible Luxembourgish customers in the coming days.”

The introduction of this service “offers Luxembourgish customers a new way to explore cryptocurrency in the PayPal environment they know and trust and provides customers access to educational content to help answer commonly asked questions and better understand the opportunities and risks associated with cryptocurrencies.”

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.”

PayPal’s cryptocurrency services “were first launched in the U.S. in 2020 and expanded to the U.K. in 2021.”

Adding Luxembourg is “an important step in PayPal’s mission to make digital currencies more accessible.”

The company added that they 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.”

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

To purchase cryptocurrency, eligible customers “can log into their PayPal account via the website or their mobile app, navigate to the new crypto tab and view the four cryptocurrencies available.”

Customers can “choose from pre-determined purchase amounts or enter in their own purchase amount and follow the prompts to purchase the cryptocurrency of their choice.”

Customers will be “able to purchase cryptocurrency using their PayPal balance, linked bank accounts or EU-issued debit cards.” If customers choose to sell cryptocurrency with this new service, funds “will be available quickly in their PayPal accounts.”

PayPal is “registered in Luxembourg as a Virtual Asset Service Provider (VASP).”

PayPal does “not charge fees to hold crypto.” Buying and selling fees apply.

As clarified in the update, users need a valid PayPal account. The firm suggests that before buying, holding and selling crypto, “do your own research and consider seeking advice from a financial or tax adviser.”

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