PayPal will expand its crypto service to Luxembourg "in coming days," the payments company said Wednesday.
The expansion marks the first rollout of its crypto service to a European Union country, PayPal said.
Luxembourg, which hosts PayPal's EU headquarters, could serve as a gateway for the other 26 countries in the bloc, once the Markets in Crypto Assets (MiCA) regulation comes into effect. This regulatory regime should in theory give firms registered in any single member state a license to offer their services throughout the EU through a process known as passporting. Crypto exchanges Binance and Coinbase have taken this route in recent months. Most recently, Nexo and Gemini registered in Italy.
UPDATE (Dec. 8, 15:19 UTC): Adds that Luxembourg is the first EU country to receive the service in headline, second paragraph.
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