PayPal CEO Dan Schulman believes that the cryptocurrency industry will not be able to develop without cooperation with regulatory authorities.
Shulman said this at the Web Summit online conference dedicated to non-cash payments and other issues related to the global financial industry. Shulman called on cryptocurrency firms and virtual asset service providers (VASPs) to work closely with the government so that the authorities do not interfere with the development of cryptocurrency projects, but rather can assess the benefits of digital currencies.
According to Shulman, compliance with regulatory requirements, ensuring the security of user funds, risk management and financial control are the foundation for providing services in the cryptocurrency industry.
“There is only one way to large-scale implementation of cryptocurrencies – to work “hand in hand” with FinCEN and other regulators. Without this, all attempts to enter the international arena and stay on it will fail, ” Shulman said.
PayPal has already received a Bitlicense from the New York State Department of Financial Services (NYDFS), which allows it to provide cryptocurrency services to residents of the state. Shulman added that the PayPal payment system pays special attention to compliance with standards and builds strong relationships with regulatory authorities. Shulman is convinced that when working with digital assets, it is necessary to pay special attention to the fight against money laundering, while at the same time contributing to the financial well-being of people.
Recall that in November, PayPal added the ability to buy, sell and store cryptocurrencies for American users. However, a few weeks later, a PayPal customer complained about his account being blocked due to frequent cryptocurrency trading using this platform.