Britain's financial regulator is due to bring in tougher
rules to limit how crypto is advertised to British consumers, including
requiring crypto firms to carry warnings about the risk and scrapping "refer
a friend" bonuses.
PayPal will "temporarily pause" the ability for
customers to buy crypto on its platform from October 1 as it works to satisfy
the new regulations, which come into effect on October 8, it said in an email
to customers on Tuesday. It said it expects to re-start in "early
2024".
"PayPal consistently works closely with regulators
around the world to adhere to applicable rules and regulations in the markets
in which we operate," it told customers in the email, a copy of which it
shared with Reuters.
It said customers could hold and sell their crypto "at
any time."
The news was earlier reported by crypto media outlets
including CoinJournal.
PayPal first launched crypto buying and selling in the UK in
2021.
Regulators around the world are increasingly seeking to
regulate crypto assets, after the collapse of several crypto firms including
FTX last year left amateur investors with large losses.
After token prices slumped dramatically last year, the price
of top cryptocurrency bitcoin has gradually recovered, up around 76 percent so
far this year. Still, its price is at less than half of the all-time high
reached in November 2021.
Earlier this month, PayPal's shares got a boost when it
announced that it has launched a US dollar stablecoin - a kind of
cryptocurrency designed to keep a constant price by being pegged to a stable
asset. © Reuters
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