CEO of PayPal: mass adoption of cryptocurrencies is impossible without cooperation with regulators

General Directorate PayPal Dan Schulman (And schulman) considers, that the cryptocurrency industry will not be able to develop without cooperation with regulatory authorities.

Shulman said about this at the Web Summit online conference, dedicated to non -cash payments and other issues, relating to the world financial industry. Schulman called cryptocurrency firms and suppliers of virtual assets services (VASP) to work closely with the government, so that the authorities do not interfere with the development of cryptocurrency projects, but vice versa, Could evaluate the benefits of digital currencies.

According to Shulman, Compliance with regulatory requirements, ensuring the safety of user funds, Risk management and financial control are the foundation for the provision of services in the cryptocurrency industry.

“There is only one way to large -scale introduction of cryptocurrencies – work "hand in hand" with Fincen and other regulators. Without this, all attempts to enter the international arena and stay on it will be frauded ", – Schulman said.

PayPal has already received Bitlicense from the Department of Financial Services of the state of New York (NYDFS), allows the state to provide cryptocurrency services to the state residents. Schulman added, that the PayPal payment system pays special attention to compliance with the standards and builds a strong relationship with the regulatory authorities. Shulman is convinced, that when working with digital assets, you need to pay special attention to the fight against money laundering, simultaneously contributing to the financial well -being of people.

Recall, that in November PayPal added the possibility of buying, Sales and storage of cryptocurrencies for American users. However, after a few weeks, the PayPal client complained about blocking his account due to frequent cryptocurrency trading using this platform.