PayPal confirms plans to enter the crypto market

Friday 17 July 2020 11:37 CET | News

Digital payments company PayPal has published a letter to the European Commission revealing that is developing crypto-asset management capabilities.

The company declared that it welcomed the Commission’s investigation on how best to integrate cryptocurrencies. Noting the growth of the global cryptocurrency market, PayPal highlighted to the Commission that the potential benefits of decentralisation, increased stability, and digital currencies in general were worth exploring.

The company also indicated that many current issues surrounding transparency and compliance could be overcome via crypto. PayPal recommended three fundamental principles to underpin the development of a framework for managing crypto assets:
  • Establish clear definitions for assorted crypto activities to encourage integral licensing and regulatory standards;
  • PayPal advocates that stringent AML/CFT measures be introduced on a national and supra-national level;
  • Regulatory frameworks should maintain at a neutral status to allow innovation and fair competition to flourish. 

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Keywords: PayPal, crypto, digital payments, European Commission, crypto-assets, cryptocurrency market, AML, CFT
Categories: DeFi & Crypto & Web3
Countries: Europe
This article is part of category

DeFi & Crypto & Web3

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