{"id":124595,"date":"2020-12-02T16:52:57","date_gmt":"2020-12-02T13:52:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/paypal-ceo-calls-on-crypto-industry-to-work-hand-in-hand-with-regulators\/"},"modified":"2020-12-02T16:52:57","modified_gmt":"2020-12-02T13:52:57","slug":"paypal-ceo-calls-on-crypto-industry-to-work-hand-in-hand-with-regulators","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/paypal-ceo-calls-on-crypto-industry-to-work-hand-in-hand-with-regulators\/","title":{"rendered":"# PayPal CEO calls on crypto industry to work hand in hand with regulators"},"content":{"rendered":"

“# PayPal CEO calls on crypto industry to work hand in hand with regulators <\/strong>”
\n<\/p>\n

There is no other way for the cryptocurrency industry to thrive without working hand in hand with regulators, PayPal CEO Dan Schulman believes.<\/p>\n

On Dec. 2, Schulman joined<\/a> the Web Summit online conference to discuss the cashless era of the global financial industry with Squawk Box host Andrew Ross Sorkin.<\/p>\n

As part of the discussion, Schulman addressed issues related to cryptocurrency regulation, calling on the industry to closely collaborate with financial authorities to bring more utility to crypto. \u201cThere is only one way to app<\/a>roach this, and that is working hand in hand with regulators,\u201d he argued.<\/p>\n

Schulman went on to say that regulatory compliance is foundational for providing services in the crypto industry:<\/p>\n

\u201cPart 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.\u201d<\/p><\/blockquote>\n

Schulman said that the company invested a \u201ctremendous amount\u201d in regulatory compliance, noting that PayPal became the first firm to get a conditional BitLicense from regulators in New York. \u201cWe\u2019re doing this hand in hand with regulators, and it\u2019s the only way to go about doing this,\u201d Schulman argued.<\/p>\n

\u201cStrong regulatory oversight is extraordinarily important and I\u2019ve got zero issue with that,\u201d the exec said. Schulman stated that PayPal has strong relationships with regulators because it aims to prevent illicit practices like money laundering while providing some degree of financial health.<\/p>\n

In October 2020, PayPal officially broke the news<\/a> on the company\u2019s plans to introduce the ability to buy, hold and sell a number of cryptos including Bitcoin, Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) directly with the PayPal digital wallet. PayPal subsequently rolled out its crypto service in the United States, allowing clients to trade up to $20,000 per week.<\/p>\n

Schulman has previously claimed that PayPal\u2019s crypto services will eventually increase the utility of cryptocurrencies.\u00a0<\/p>\n