PayPal said Wednesday that it will expand its crypto service to Luxembourg in the coming days, in what might be the payments company’s first venture into the European Union.
Once the Markets in Crypto Assets (MiCA) rule takes effect, Luxembourg, which is home to PayPal’s EU headquarters, might act as a gateway for the rest of the EU’s 26 member states.
In principle, this regulatory structure should allow enterprises registered in any one member state to sell their services across the EU via a process known as passporting. Binance and Coinbase, two cryptocurrency exchanges, have followed this approach in recent months. Nexo and Gemini have just registered in Italy.
The Luxembourg move comes after the first launch of the crypto service in the United States in 2020, followed by an extension to the United Kingdom last year. Users will be able to purchase, trade, and keep bitcoin, ether, litecoin, and bitcoin cash for as little as one euro once it is accessible.