Compliance with the rules – the key to success in this business, says PayPal CEO.
PayPal CEO Dan Shulmanhe said that the cryptocurrency sphere can only be developed with "close cooperation with regulators."
December 2 during the Web Summit online conferenceShulman called for widespread industry collaboration with financial authorities to ensure that cryptocurrencies have broad use cases.
He declared:
There is one approach to this matter –close cooperation with regulators, full understanding of security issues, risk management, control by FinCEN, compliance with AML rules. Without this, you will not be able to do this business. This must be observed.
Shulman said his company is investing “massive amounts” in compliance, noting that PayPal was the first firm to receive a BitLicense from New York regulators.
Strong regulatory control is extremely important, and I have zero problems with that.
Recall that recently payment giantPayPal announced the opening of its cryptocurrency service for users from the United States.
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Based on materialscointelegraph.com
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