• PayPal will allow consumers to purchase and sell crypto assets via its platform.
• Users can save their digital assets in the EU with the aid of PayPal.
• EU will soon connect the crypto sector to the MiCA regulation.

By selecting Luxembourg as its point of entry, PayPal has made its first foray into the European Union (EU) with cryptocurrency offerings. PayPal users in the landlocked city will soon be able to purchase, sell, and store digital goods inside of their own PayPal accounts. Both mobile apps and web browsers will be available for users to use to carry out these tasks. PayPal's new market will have a EUR 1 minimum purchase requirement for cryptocurrencies (roughly Rs. 85).

The initial four cryptocurrencies that PayPal in Luxembourg will offer are Bitcoin, Litecoin, Bitcoin Cash, and Ether. In order to keep the industry for digital assets in line with the current financial systems, the company is also eager to work with the Luxembourg authorities to shape it. 'With the launch of this service, PayPal users in Luxembourg now have a new method to learn about cryptocurrencies in a familiar setting. According to an official statement from PayPal's SVP and GM of Blockchain, Crypto & Digital Currencies, Jose Fernandez da Ponte, adding Luxembourg is a significant milestone in the company's quest to increase access to digital currencies. 

The timing of PayPal's entry into the EU's crypto market seems to have been carefully considered. The MiCA legislation was passed back in October by the Economic and Monetary Affairs (ECON) Committee of the European Parliament. The MiCA rule list draught, which was first put up in September 2020, attempts to provide a common legal framework for cryptography across all 27 EU member states.

 By 2024, when the law is anticipated to take effect throughout the EU, businesses like PayPal will have plenty of time to comply with the regulations and make necessary adjustments to their business practises. Regarding PayPal, the business has been making efforts to comprehend the cryptocurrency market and broaden associated services in a number of its markets. A special council was established by the payments processor in February to serve as its counsel on digital currencies, cryptocurrencies, and blockchain technology.