In a letter to the European Commission, PayPal has confirmed its long-suspected interest in cryptocurrency and distributed ledger technology.
The letter, in response to the EC public consultation on building a framework for markets in crypto-assets, confirms PayPal is „continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space”.
Of particular interest for PayPal is „how these technologies and crypto-assets can be utilized to achieve greater financial inclusion and help reduce/eliminate some of the pain points that exist today in financial services.”
There are fundamental principles PayPal believes should underpin the development of any EU framework for crypto-assets.
First, a clear set of definitions on various crypto activities should be put in place to ensure that companies engaged in such activities are properly licensed and regulated. Lack of clarity as to the regulatory expectations for such activities creates uncertainty that may discourage companies from actively participating. It also creates loopholes and gray areas that may be exploited by participants that deprioritize compliance. Clear definitions would also help ensure adequate consumer and investor protection.
Second, similar to other financial services, and to the extent not already covered by EU and nation-level regulation, crypto-activity should be brought in the scope of applicable AML/CFT requirements, taking into consideration the specificities of the activity in question. In this regard, we call for a proper application of a risk-based approach, in line with the principles underpinning existing EU AML regulation and global standards.
Finally, with continuous advancements in areas such as decentralized networks, consensus protocols, and cryptography, any regulatory framework in Europe should strive to be technology neutral to support innovation and competition in this fast-evolving space. Such an approach would also foster new opportunities for merchants and consumers.
„40% dintre romani nu au un cont bancar. Sa nu uitam ca din cei 4,5 mil. de romani la Biroul de Credit numai jumatate sunt eligibili pentru un credit bancar. Ceilalti isi pot lua un credit non-bancar sau nu-si pot lua absolut niciun credit.”
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