PayPal expands cryptocurrencies operations to Luxembourg

PayPal has announced that it is expanding its cryptocurrency operations to Luxembourg despite the ongoing crypto winter which is projected to extend to 2023 after the FTX collapse.

KEY TAKEAWAYS

• 2022 has been one of the darkest years for the crypto industry because of the crushing prices and collapse of crypto giants.
• PayPal expanding crypto services to Luxembourg offers hope for the crypto world.
• PayPal will start its operations in Luxembourg within a few days.

Luxembourg is one of those countries that is always ready to embrace new innovations and technological development, which has made it a destination of choice for many financial companies including PayPal. In a press release, PayPal said that its crypto services would be in the country very soon to allow citizens to buy, sell, and hold cryptocurrencies.

According to PayPal’s press release, PayPal is currently working with Luxembourg’s regulators and policymakers to create a policy that suits the investors, PayPal, and the country.

PayPal crypto services

PayPal also said that they are working closely to boost the ever-growing crypto industry. It launched cryptocurrency services in 2020 in different states in the US before moving the services to the UK in 2021.

According to the PayPal CEO:

“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.” 

At the moment about four cryptocurrencies are available on PayPal as the firm works to integrate all crypto and blockchain services. Customers can buy, sell, and hold cryptocurrencies. PayPal allows customers to buy cryptocurrencies through different websites, apps or other crypto platforms.

PayPal crypto fees

PayPal does not impose any tax or fees on buying, selling, or holding cryptocurrencies. All that is required is for a person to have a valid PayPal account.