According to PayPal CEO Dan Shulman, there is no other way for the cryptocurrency industry to thrive without working alongside the regulators.
Shulman attended the Web Summit on Wednesday to discuss cashless time in the global financial industry with Squawk Box host Andrew Ross Sorkin.
As part of the discussion, Schulman raised issues related to cryptocurrency regulation and asked the industry to work closely with financial authorities to obtain more value from cryptocurrencies. “There is only one way to deal with this, and that is to work hand in hand with the regulators,” he said.
Schulman also stated that regulatory compliance is essential to providing service in the crypto industry:
“Part of the core skills is regulatory compliance, a complete understanding of security, risk management, all financial controls, FinCEN controls, anti-money laundering controls. Without them, you really don’t have the opportunity to be in this arena. […] You should have. ”
Shulman said the company has invested “huge sums” in regulatory compliance, noting that PayPal was the first company to receive a conditional BitLicense license from regulators in New York. “We are doing it alongside the regulators, and that’s the only way to do it,” Schulman said.
“Strong regulatory oversight is very important and I have no problem with that,” said the manager. Shulman said PayPal has a strong relationship with regulators as it aims to prevent illegal activities like money laundering while still providing some financial health.
In October, PayPal officially announced the company’s plans to introduce the ability to buy, store and sell a variety of cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), directly using PayPal’s digital currency. . money bag . Then, PayPal rolled out a crypto service in the US, allowing customers to trade up to $ 20,000 a week.
Shulman previously claimed that PayPal’s cryptocurrency services would eventually increase the use of cryptocurrencies.