The team at Yield App is pleased to announce that they’ve registered as a virtual asset service provider (VASP) with Italy’s Organismo Agenti e Mediatori (OAM).
According to the update from Yield App, this marks a huge step in their long-term commitment to compliance with global digital asset regulations.
They’d like to extend a thank you to their community for their longstanding support.
While commenting on the latest industry developments, the Yield App team noted that the emergence of a regulated stablecoin is “ultimately a positive development for the digital asset market and a further step towards mainstream adoption of crypto.”
At Yield App, they claim to “have always advocated for a compliant environment for cryptocurrency to ensure appropriate safeguards and consumer protections.”
The firm added that PYUSD is likely “to emerge as the top choice for many risk-averse investors due to its bankruptcy remote status, which means it’s ringfenced, unlike other stablecoins available in the market.”
PayPal’s strong reputation and access “to some 29 million merchants across the globe also opens doors to the mainstream adoption of digital currencies.”
At Yield App, they believe crypto “should operate in a regulated and compliant environment.”
This is the narrative behind Haven1 – “the Layer 1 blockchain they’re incubating which will have investor protections at its core.”
The availability of regulated digital asset options is one of the catalysts needed to attract new mass market users to the benefits of Web3.
The firm concluded in its latest market report:
“Yet the market’s reaction to PayPal’s news, so far, has been somewhat muted. Bitcoin has risen slightly but is struggling to break past $30,000, while ETH remains below $1,900. Investors may be waiting to see if PYUSD truly delivers on its promises, or perhaps the market is concerned by PayPal’s ability to freeze and seize assets. With multiple new and revised bitcoin ETF applications awaiting approval, the market is also eagerly anticipating the verdict.”