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Paypal has been given a Crypto license for the United Kingdom which is beyond bizarre when you are seeing the on off ramps being clamped down on. Crypto for PayPal is a side venture as their main business is being a payment service provider.

This is on the back of last weeks news that "buy Bitcoin" searches was up over 800% last week just in the UK alone. The how to buy Bitcoin is a problem if you are using a bank account and has now been made a little easier with the PayPal option.

The Financial Conduct Authority or FCA has basically shafted the exchanges by allowing banks to dictate when and how you purchase and sell crypto by refusing to allow anyone to use their services for that purpose. Now you have PayPal which will let you buy and sell crypto and you can use your bank accounts for this purpose due to the nature of their business. Banks will not know whether you are buying an online purchase via PayPal or crypto so what is the point of blocking crypto investors?

Most investors have been bitching about on and off ramps for months and now we have this announcement. This is not ideal due to PayPal's fees which I have no clue what they are but guaranteed this crypto business is rather lucrative not only on the prices you are buying and selling for, but just the service costs to and from your bank account will turn a steady profit.

PayPal is not a payment provider I will ever consider due to having so many run ins with them in the past when I sold items online via E-Bay. Bitcoin was meant to bypass all this and here we are using that same service provider for crypto.

What is the difference between someone buying crypto on an exchange using the services of a bank with their own money and storing that crypto on a cold wallet and buying via PayPal doing the exact same thing. There is no difference but PayPal is allowed and the exchanges aren't which makes no logical sense what so ever. All it tells you if you are based in the UK and want to use FIAT to buy crypto then you will be paying a premium for that.

What I think it does do is allow everyone easy access to crypto for now and expect this to open up in 2024 when MiCA takes effect being the European Crypto Regulation. We are only 2 months away from 2024 so that is not that long to wait and see what happens. Everyone knows it is only a matter of time before crypto is readily available with no restrictions enforcing banks to play along or be in danger of non compliance.

This yes no stuff is so frustrating and makes little or no sense from whatever side of the fence you are on. Governments want to tax crypto investors, but tat the same time try and limit their access so that is not exactly fair as we know it is costing investors money. The ability to not invest or to receive your own crypto funds is going to cost Governments billions in lost revenue as why should investors play ball with them. My thinking definitely sways towards having a bank account in a bank friendly country paying my taxes there and not necessarily where I live.
 

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