In what might be its first venture into the European Union, PayPal <a href="https://newsroom.paypal-corp.com/2022-12-07-PayPal-Expands-Cryptocurrency-Buy-Sell-and-Hold-Service-to-Luxembourg" target="_blank" rel="nofollow noopener">stated</a> on Wednesday that it will extend its <a href="https://www.cryptoknowmics.com/news/cryptocurrency-a-saga-of-bulls-bears-and-new-coins-on-the-market">cryptocurrency</a> business to Luxembourg in the following days.
<h2>PayPal Makes Entry Into Luxembourg</h2>
When the <a href="https://www.cryptoknowmics.com/news/mica-text-approved-by-eu-council-proposal-goes-to-parliament">Markets in Crypto Assets (MiCA)</a> rule takes effect, Luxembourg, which has PayPal's EU headquarters, may act as a bridge for the other 26 nations in the union. Theoretically, this regulatory system should grant licenses to businesses established in any member state that allow them to provide services across the entire EU through a procedure known as passporting.
<h2>Binance And Coinbase to Follow the Same Path</h2>
In recent months, cryptocurrency exchanges <a href="https://www.cryptoknowmics.com/news/binance-custody-to-safekeep-wemades-wemix-cryptocurrency">Binance</a> and <a href="https://www.cryptoknowmics.com/news/coinbase-bans-mobile-nft-transfers-citing-apples-app-store-rules">Coinbase</a> have followed this path. Recently, Italian registrations include Nexo and Gemini. The cryptocurrency service was first introduced in the U.S. in 2020. Furthermore, it was expanded to the U.K. last year before being introduced in Luxembourg. When it becomes accessible, users could purchase, keep, and trade bitcoin, <a href="https://www.cryptoknowmics.com/news/crypto-exchange-binance-us-eliminates-trading-costs-for-ethereum">Ethereum</a>, <a href="https://www.cryptoknowmics.com/news/ltc-technical-analysis-bulls-fails-to-push-litecoin-above-75">litecoin</a>, and bitcoin cash for as little as 1 euro ($1.05).

In response to two inquiries asking if this was the first time the cryptocurrency service had been made accessible in an EU nation, PayPal did not comment.

PayPal Extends Cryptocurrency Service to Luxembourg

In what might be its first venture into the European Union, PayPal stated that it will extend its crypto business to Luxembourg in the following days.

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PayPal Extends Cryptocurrency Service to Luxembourg

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