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PayPal CEO calls on crypto industry to work hand in hand with regulators

PayPal CEO believes that there is no other way for the cryptocurrency industry to thrive without working hand in hand with regulators.

On Wednesday, Schulman joined the Web Summit online conference to discuss the cashless era of the global financial industry with Squawk Box host Andrew Ross Sorkin.

According to cointelegraph, Schulman addressed issues referred to cryptocurrency regulation, calling on the industry to closely participation with financial authorities to bring more utility to crypto. “There is only one way to approach this, and that is working hand in hand with regulators,” he stated.

He also added:

“Part 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.”

Schulman stated that the company invested a “tremendous amount” in regulatory compliance, mentioning that PayPal became the first firm to get a conditional BitLicense from regulators in New York. “We’re doing this hand in hand with regulators, and it’s the only way to go about doing this,” Schulman said.

“Strong regulatory oversight is extraordinarily important, and I’ve got zero issue with that,” the executive stated. Schulman noted that PayPal has strong relationships with regulators because it plans to prevent illicit practices such as money laundering while providing some degree of financial health.

In October, PayPal officially broke the news on the company’s plans to introduce the ability to trade a number of cryptos including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) directly with the PayPal digital wallet. PayPal consequently rolled out its crypto service in the United States, allowing clients to trade up to $20,000 per week.

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