Paypal adds to list of crypto heavy hitters on TRUST network

Paypal has bolstered its regulatory compliance by joining TRUST to streamline its digital asset "travel rule" reporting requirements

Crypto-friendly digital payments giant Paypal has been added to the Travel Rule Universal Solution Technology (TRUST) network, joining a host of big names in crypto who have decided to comply with digital asset travel rules.

The announcement comes two months after the payments giant rolled out infrastructure allowing users to transfer, send and receive digital assets between PayPal and other wallets and exchanges in June this year. Previously, users could only buy and sell crypto within Paypal after the company's first leap into the industry in October 2020.

Now you can easily redeem your crypto with PayPal. Import it into PayPal and send it to friends and family, all in one place. https://t.co/k24TVHoSYh pic.twitter.com/v0CeV9dNXa

TRUST was launched by a group of 18 U.S. Virtual Asset Service Providers (VASPs) in February, with heavyweights such as Coinbase, Paxos, Circle, Kraken, and Robinhood participating from the start. The number has since grown to 38 now that Paypal has joined the ranks.

"The addition of PayPal marks another step in TRUST's journey to become the industry-standard global solution for travel compliance," Coinbase noted in an August 23 announcement.

Under Rule 31 of the Bank Secrecy Act (BSA), commonly known as the "Travel Rule", US VASPs are legally required to transmit specific information relating to customer money transfers from one financial institution to another. The threshold for identifying remittances, and the people behind them, starts at $1,000.

Big day for the Travel Rule U...