PayPal CEO Dan Schulman believes that the cryptocurrency industry will not grow without cooperation with regulators.
Shulman announced this at the Web Summit online conference dedicated to cashless payments and other issues related to the global financial industry. Shulman urged 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, on the contrary, can assess the benefits of digital currencies.
According to Shulman, regulatory compliance, user funds security, risk management and financial controls are fundamental to the provision of services in the cryptocurrency industry.
“There is only one way to large-scale adoption 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 Bitlicense from the New York State Department of Financial Services (NYDFS), allowing it to provide cryptocurrency services to residents of the state. Shulman added that PayPal is committed to meeting standards and building strong relationships with regulators. Shulman is convinced that when dealing with digital assets, special attention should be paid to combating money laundering, while 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 their account being blocked due to frequent cryptocurrency trading using this platform.
