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With an Eye on EU Post-MiCA, PayPal Launches Crypto Services in Luxembourg

Digital Payments company PayPal has launched its cryptocurrency services in Luxembourg. Users in this EU member country can now buy, sell, and hold bitcoin, Ethereum, Litecoin, and Bitcoin Cash through their PayPal account.

“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,” PayPal said in an announcement.   

In a separate announcement containing the details about how to buy and sell cryptocurrencies through PayPal, it provided a disclaimer where it says, “Your capital is at risk. Crypto is unregulated in Luxembourg and its value can go down as well as up. Profits may be subject to capital gains tax.”

PayPal has its EU headquarters in Luxembourg and in the coming days when the Markets in Crypto Assets (MiCA) regulation comes into force, it can expand its operations to all remaining 26 EU countries. As per MiCA, a company registered in an EU member country can offer its services in any of the 27 EU countries. Major crypto firms including Binance, Coinbase, Nexo, and Gemini are leveraging this clause to make their forays into the EU markets.    

“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 said about its Luxembourg launch of crypto services.

 

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