PayPal has revealed that it is developing crypto-assets capabilities. In response to the European Commission in March, the payment giant claimed that it had taken “tangible steps to further develop its capabilities in this area”
PayPal’s response to the commission is part of a public consultation that opened in December last year. The commission wanted feedback on building an EU framework for crypto-assets.
PayPal highlighted that the commission has to set clear definitions of various crypto activities as well as to put crypto-activities within the scope of applicable anti-money laundering rules.
The payment giant has speeded up its process since the Libra project was announced in June 2019. As a reminder, PayPal was one of the Libra Association members until October 2019, along with other major payment companies such as Visa and Mastercard.
As previously reported, the Financial Action Task Force had proposed guidelines to regulate the crypto industry to its 37 member countries. Since then, several countries have enforced these guidelines to some extent.