According to PayPal CEO Dan Schulman, the crypto industry will only work and thrive with regulators onboard.
Ushering in the Cashless Era
In a DEC 2 Web Summit online conference, to discuss the cashless era of the global financial industry with Squawk Box host Andrew Ross Sorkin, he addresses issues to do with crypto regulation. He rallied the crypto industry to work hand-in-hand with financial authorities for the advancement of the industry. According to him, financial authorities can help clear the path that will lead to more utility for crypto. He argued;
“There is only one way to approach this, and that is working hand in hand with regulators.”
He went to add that cryptocurrency regulatory compliance was essential for the provision of services in the industry.
“Part of that foundational capabilities are regulatory compliance, full understanding of security, risk management, all of the financial controls, FinCEN controls, AML controls. Without that, you really have no way that you should be in this arena. You must have those.”
Focus on compliance
Schulman revealed that PayPal had invested a “tremendous amount” to ensure regulatory compliance. It was also proudly revealed that the company was first to acquire a conditional BitLicense from New York Regulators. Speaking of the newly acquired certifications, he said it was all about compliance.
“We’re doing this hand in hand with regulators, and it’s the only way to go about doing this. Strong regulatory oversight is extraordinarily important, and I’ve got zero issue with that.”
The PayPal CEO explained that the company had gone to great lengths to forge networks with regulators to prevent the possibility of illicit activities on its platform. The company made it’s big reveal back in October where it gave users the green light to buy, sell and hold a number of cryptocurrencies. The crypto assets you can buy today via the PayPal digital wallet include; Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). The service was then quickly rolled out in the US with users able to trade up to $20,000 a week.
It has been argued that PayPal’s recent moves were part of the reason for the current crypto Bull-run.
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