Australia's financial crime regulator said on Friday it accepted an enforceable undertaking from payments giant PayPal Holdings' (PYPL.O) local unit to ensure its compliance with the country's anti-money laundering and counter-terrorism financing laws.

While rules and regulations regarding crypto are still taking shape worldwide, stablecoins’ value in facilitating international settlement and cross-border payments has earned recognition.

Shiba Inu holders think PayPal wants to add Shiba Inu to its list of supported cryptocurrencies, but PayPal is Not Planning to Support Shiba Inu.

PayPal has halted its work on its stablecoin due to partner Paxos being investigated by the New York Department of Financial Services. Former U.S. Securities and Exchange Commission official John Reed Stark stated that the regulatory scrutiny of crypto firms is why PayPal has made this decision. He adds that any US financial company that interacts with public blockchains is viewed as too risky. Stark's comments come after Kraken was accused of selling unregistered securities, leading to the company paying a $30m fine and removing its staking feature in the US. (u.today)

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Fintech giant PayPal held, as of December 31, 2022, a total of $604 million in various cryptocurrencies on behalf of its customers, including Bitcoin ($BTC), Ethereum ($ETH), Litecoin ($LTC), and Bitcoin Cash ($BCH).

PayPal's putting work on its stablecoin on ice amid increasing regulatory scrutiny, Bloomberg News reported, citing a source.

PayPal (PYPL) held a total of $604 million of bitcoin (BTC), ether (ETH), litecoin (LTC) and bitcoin cash (BCH) for its customers as of Dec. 31, according to its annual report to the U.S. Securities and Exchange Commission (SEC).

As financial institutions and organizations around the world are seeking innovative ways to improve their operations, such as through blockchain and cryptocurrencies, several banking giants have enlisted the help of money-transfer service Zelle to launch a digital wallet.

Financial technology firm PayPal's international money transfer service called Xoom has announced a new product that lets users in the United States send money directly to Visa debit card users.