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PayPal joins TRUST network to comply with digital asset rules
August 24, 2022
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.
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