Cryptocurrency compliance with regulators is crucial if you want to stay in the arena, according to Dan Schulman, PayPal Chief Executive Officer.
Schulman attended the Web Summit conference to talk about the virtual currency era in the worldwide financial sector with the host of Squawk Box, Andrew Ross Sorkin.
As part of the talk, Schulman discussed concerns linked to the regulation of cryptos, inviting the industry to work alongside financial regulators to make cryptos more useful. According to him, there is just one method to handle this and it is to work diligently with regulators.
He said that regulatory enforcement is key to the provision of services in the cryptocurrency sector. Schulman stated that the core skills included are regulatory enforcement, complete comprehension of safety, risk management, all financial controls, FinCEN controls, AML controls. If that isn’t presented, you just don’t have a chance.
Schulman said that the firm had spent a vast amount in regulatory enforcement, adding that PayPal was the first firm to secure a conditional BitLicense from NYC regulators.
Stringent regulatory oversight is extremely significant, and he said he has no problem with that. Schulman claimed that PayPal has close links with regulators since it seeks to discourage illegal activities such as money laundering while ensuring a degree of financial health.
In October, PayPal openly said the firm has intentions to add the ability to acquire, keep and sell a range of cryptocurrencies including Bitcoin, Ether, Bitcoin Cash and Litecoin straight with PayPal’s digital wallet. After that, PayPal introduced its cryptocurrency service in the US, enabling customers to exchange up to $20K a week.
Schulman has argued before that how PayPal’s cryptocurrency services would in time expand the usage of cryptos.