Payments giant PayPal told the European Commission earlier this year it is actively working in the cryptocurrency space.
- PayPal detailed in a March 20 letter â that appears to have been published in June â to the European Commission it had taken âunilateral and tangible stepsâ in the crypto space.
- Sources told CoinDesk in June that PayPal was planning on rolling out cryptocurrency buying and selling services but the company declined to comment at the time.
- PayPalâs letter, advice on how the European Union can better regulate the emerging asset class, said that it believed cryptocurrencies could address âpain pointsâ in the financial system.
- The San Jose, Calif., company, which says it has 300 million active users worldwide, said it joined Facebookâs Libra Association in mid-2019 to learn about crypto and blockchain; it left the Association that October.
- The payments giant recommended the European Commission ensure crypto-related activities come under the scope of the blocâs existing anti-money laundering regulation.
- It also said future European regulation should remain technologically neutral.
See the full letter below:
- PayPal, Venmo to Roll Out Crypto Buying and Selling: Sources
- PayPalâs Financial Crimes Division Is Seeking a Blockchain Expert
- PayPal Joins $4.2M Round for Crypto Banking Compliance Startup
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