The well-known online payment method, PayPal, has announced that it will soon allow its users to buy and sell cryptocurrencies from their platform, directly. The information was released by the European Commission after the company sent a letter to the international body notifying the progress in this matter.
The letter was in response to the public consultation launched in December last year on the construction of an EU-mandated framework for crypto asset markets through which PayPal replied that the company “is continually monitoring and evaluating developments. global in the crypto space and distributed blockchain / ledger.”
PayPal and the Libra project
In the document, the company explained its participation in the Libra project, noting that PayPal signed a non-binding letter of intent to participate in the Libra Association. However, after abandoning the project, I continue “focusing on advancing our mission and existing business priorities to democratize access to financial services.”
Regarding the EU framework for crypto assets, Paypal told the EC that “the regulatory framework should allow innovative products and services to be introduced to the market without an undue regulatory burden and at the same time provide clarity, guidance and regulatory safeguards.”
Currently, this online payment system has more than 300 million active accounts worldwide and millions of new users that are added annually, serving customers and companies in 31 European jurisdictions and with the provision of a license to provide banking and payment services in Luxembourg.