Top Highlights

• Payments firm PayPal yesterday achieved registration with the U.K.'s Financial Conduct Authority (FCA) as a crypto service provider, as confirmed by the FCA's official site.
• Before offering such services in the U.K., businesses must first gain approval, aligning with FCA's regulations against money laundering.
• The crypto registration regime came into play back in 2020, with the introduction of the Fifth Money Laundering Directive (AMLD5).
• Failing to comply with the new rules comes with stiff penalties too. "Anyone who continues promoting cryptoassets to UK customers past the October deadline without complying with the rules may be committing a criminal offence punishable by an unlimited fine and/or up to 2 years imprisonment," read a press release from the FCA in September.
• Prior to that the payment giant announced in May that users could move crypto purchased on the platform to third-party wallets, as well as a crypto-specific checkout service for merchants in March.

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