large scale image
LCP Image

Back to TSCFM News

PayPal joins TRUST network to comply with digital asset rules

August 24, 2022

PayPal joins TRUST network to comply with digital asset rules
Travel Rule Universal Solution Technology (TRUST) network has seen the addition of cryptocurrency-based digital payments company PayPal, which has joined a list of cryptocurrency names that have made the move to follow digital asset travel rules, according to Cointelegraph.

According to Cointelegraph, the announcement comes two months after the platform unveiled an infrastructure to enable users to transfer, send and receive digital assets between PayPal, wallets and exchanges this year. Before that, users only had the option to buy and sell cryptocurrencies within PayPal, after the firm made the transition into that sector.

On the basis of information by Cointelegraph, TRUST was unveiled by a group of 18 United States virtual asset service providers (VASPs) in February, with companies such as Coinbase, Paxos, Circle, Kraken and Robinhood also participating which expanded to 38 with PayPal’s addition. “The addition of PayPal marks another milestone in TRUST’s journey to become the global, industry-standard solution for Travel Rule compliance,” Coinbase said in a statement.

Moreover, Cointelegraph noted that under the Bank Secrecy Act (BSA) rule 31, US VASPs are required to send certain data related to customer fund transfers from one financial body to another. The group of US VASPs unveiled TRUST to streamline reporting and makes information transfer between them in a transparent manner.

Important Links:

Recommended for you ...

Modi, Mauritius, and Sri Lanka Leaders Unveil Digital Payment Services
Modi, Mauritius, and Sri Lanka Leaders Unveil Digital Payment Services

February 12, 2024

Public Sector Banks Surpassing Private Peers, Investors Reconsidering Choices
Public Sector Banks Surpassing Private Peers, Investors Reconsidering Choices

February 12, 2024

Indian Banks Seek RBI Permission for Global Bond Trading Ahead of Inclusion in Indices
Indian Banks Seek RBI Permission for Global Bond Trading Ahead of Inclusion in Indices

February 12, 2024

Enquire Now
REQUEST A CALLBACK
Chat on WhatsApp