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PayPal Says It Is Developing Crypto Capabilities in a Letter to the European Commission

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PayPal Says It Is Developing Crypto Capabilities in a Letter to the European Commission


PayPal Says It Is Developing Crypto Capabilities in a Letter to the European Commission

Key highlights:

  • PayPal told the European Commission that it is developing cryptocurrency capabilities
  • The payments giant also provided suggestions for the European Union’s regulatory framework for cryptocurrencies
  • PayPal is reportedly working on offering cryptocurrency buying and selling to its customers

PayPal is developing crypto capabilities

In June, we covered reports that payments giant PayPal was preparing to offer cryptocurrency buying and selling through the PayPal and Venmo platforms. These rumors have now gained additional credibility thanks to a new report from The Block, which shows that PayPal has revealed that it is developing cryptocurrency capabilities within its business.

PayPal’s government relations arm sent a letter to the European Commission in March in response to the EC’s public consultation on an EU framework for crypto asset markets. In the letter, PayPal also mentions its stint with the Libra project. PayPal was one of the companies that were supposed to be the founding members of the Libra Association, but pulled out before the association’s founding member list was formalized. 

“Since the project’s inception, PayPal has taken unilateral and tangible steps to further develop its capabilities in this area, and therefore – without questioning the value of the project – took the decision not to participate in the Libra Association and to continue to focus on advancing our existing mission and business priorities to democratize access to financial services.”

The payments giant is monitoring the cryptocurrency and blockchain space

In the letter, PayPal also states that they are “continuously monitoring” developments in cryptocurrency and blockchain, with a focus on developments that could help improve financial inclusion and alleviate existing problems facing financial services:

“Of particular interest for us 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. We also have great interest in how these technologies can be used to promote transparency and enhance compliance efforts.”

As far as the European Union’s crypto asset policies are concerned, PayPal suggests that the European Commission should implement clear definitions of cryptocurrency-related activities to allow businesses to be “properly licensed and regulated”. The company also says it would like to see cryptocurrency activities being regulated under applicable anti-money laundering and counter-terrorist financing requirements.

PayPal also stated that any regulatory framework for cryptocurrencies that’s adopted in Europe should be “technology neutral” in order to “ support innovation and competition in this fast-evolving space”.



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