The UK Post Office has announced it will begin offering cryptocurrency purchase services to users through its EasyID identity verification app starting this week.
Key Features of the Service
- Free Access: Users can access Swarm Markets cryptocurrency exchange via the Post Office app
- Supported Cryptocurrencies: Initially limited to Bitcoin (BTC) and Ethereum (ETH) purchases
- Identity Verification: EasyID handles KYC (Know Your Customer) requirements without commission from sales
About EasyID Authentication
Launched in August through partnership with digital identity firm Yoti, EasyID is currently accepted at:
- Over 25,000 locations across the UK
- 11,638 Post Office branches
A Post Office spokesperson stated: "Our free EasyID app addresses growing demand for secure digital identities in online services. Users can establish and control their verified digital identity directly from their smartphones."
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Regulatory Context
The Financial Conduct Authority (FCA) had previously:
- Warned investors about cryptocurrency volatility (January)
- Required all UK crypto firms to register with authorities by March 2023
Market Developments
Last month saw PayPal expand crypto services to UK customers, allowing:
- Purchase, holding, and sale of digital assets
- New investment options for retail users
FAQ Section
Is the Post Office acting as a cryptocurrency exchange?
No. They only provide identity verification through EasyID, while Swarm Markets handles actual crypto transactions.
What verification documents are needed for EasyID?
Users typically need government-issued ID and sometimes proof of address, similar to other KYC processes.
Are there purchase limits on cryptocurrency?
Limits would be set by Swarm Markets rather than the Post Office itself.
How does this differ from PayPal's crypto service?
PayPal offers direct crypto transactions within their ecosystem, while the Post Office partnership focuses on identity verification for third-party exchanges.