“Adding Luxembourg is an important step in PayPal’s mission to make digital currencies more accessible,” the company said. "We are committed to continuing to work closely with regulators and policymakers in Luxembourg to meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce."
In June, the company rolled out new features allowing users to transfer crypto between PayPal and other wallets.
“Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system,” said Jose Fernandez da Ponte, SVP and GM of blockchain, crypto and digital currencies at PayPal.
PayPal launched into the crypto business first in the U.S. in 2020, later expanding into the UK in 2021.