PayPal after a month from its initial announcement that it would expand its cryptocurrency offering in the UK, the company has said that the launch has been completed for all eligible PayPal customers to buy, hold and sell digital currencies.
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“We are pleased to announce that all eligible PayPal account holders in the UK can now buy, hold and sell cryptocurrency directly with PayPal. Download the app or log in to your account to learn more,” PayPal said on September 17.
The UK rollout is the first International expansion of PayPal’s cryptocurrencies services outside of the United States. Customers will be able to choose from four coins — Bitcoin, Ethereum, Litecoin, and Bitcoin Cash through their PayPal account and view real-time crypto prices, find answers for commonly asked questions, and learn about crypto opportunities and risks through their PayPal wallets online or on the mobile app now in the UK.
“The pandemic has accelerated digital change and innovation across all aspects of our lives — including the digitization of money and greater consumer adoption of digital financial services…We are committed to continuing working closely with regulators in the UK, and around the world, to offer our support and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce,” said Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currencies, PayPal in a statement.
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PayPal’s service will rival established cryptocurrency exchanges such as Coinbase Global Inc, and fintech startups such as Revolut in the UK now. Users will be able to buy as little as £1 of cryptocurrency through PayPal.
Cryptocurrency sales can be taxable and the gains or losses from cryptocurrency sales may be subject to capital gains tax or income tax, message is listed on the PayPal official website. The company’s cryptocurrency service will not be regulated by the UK Financial Conduct Authority. “Therefore, if something goes wrong with the cryptocurrency, you won’t be able to use the UK Financial Ombudsman Service, the European Consumer Center or have the protection of any UK or Luxembourg Financial Services Compensation Scheme,” the company added.
Although buying and selling Litecoin, Ethereum, Bitcoin and Bitcoin Cash can be transacted on PayPal, payments for merchandise can’t be made in crypto in the U.K. Nor can the digital currency be transferred to and from digital wallets or among friends and family, according to reports.
PayPal doesn’t charge users to hold crypto, fees are imposed for transactions and currency conversions. PayPal has over 375 million daily active users and 30 million merchants on the platform. PayPal DAU in the U.K. is higher than any other country in Europe, according to Statista data.
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This looks like a positive step forward for Crypto trading in the UK. With brands like PayPal having a huge market presence now offering crypto a platform to trade, we might see many more Cryptocurrencies getting listed on PayPal soon and also other major firms might follow PayPal’s route of expansion
