PayPal Told EU It Had Crypto Plans Back in March
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PayPal Told EU It Had Crypto Plans Back in March
Payments giant PayPal told the European Commission it was actively working in the cryptocurrency space earlier this year.
- PayPal confirmed in a letter to the European Commission, dated March 20, that had taken “unilateral and tangible steps” in the crypto space right.
- Sources told CoinDesk in June that PayPal was planning on rolling out cryptocurrency buying and selling services; the company declined to comment at the time.
- PayPal’s letter, advice on how the EU can better regulate the emerging asset class, said that it believed cryptocurrencies could address “pain points” in the financial system.
- The San Jose-based company, which says it has 300 million active users worldwide, claims it joined Facebook’s 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 EU’s anti-money laundering regulation.
- It also said future European regulation should remain technologically neutral.
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