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PayPal CEO Said Cooperation With Regulators Is Mandatory For World Wide Crypto Adoption

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PayPal CEO Dan Schulman believes that the cryptocurrency industry will not grow without the regulator’s approval.

Shulman said this at the online Web summit, dedicated to digital payments and other global financial industry issues. 

Shulman urged cryptocurrency firms and virtual asset service providers 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 providing 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 Service, allowing it to provide cryptocurrency services to the state’s residents. Shulman added that PayPal is committed to meeting standards and building strong relationships with regulators. Shulman is convinced that special attention should be paid to combating money laundering while contributing to people’s financial well-being when working with digital assets.

PayPal added the ability to buy, sell and store cryptocurrencies for American users. However, a few weeks later, PayPal customers complained about their accounts being blocked due to frequent cryptocurrency transactions using Paypal.

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