Ripple, IMF See Clear Crypto Policies in ASEAN

Nov 13, 2018 at 23:24

A recent public dialogue in a fintech event between Ripple’s CEO Brad Garlinghouse and IMF’s Deputy General Counsel Ross Leckow yielded a general consensus that regulators within the Association of Southeast Asian Nations (ASEAN) are certain of how to handle blockchain and digital assets.

Garlinghouse pointed this out during the conversation which took place at the recent Singapore Fintech Festival.

“Regulatory clarity has a huge ability to drive digital asset and blockchain adoption. It is surprising how many markets still have uncertainty. But, in ASEAN, the regulatory environment for blockchain and digital asset technology is clear,” Garlinghouse was quoted in a Ripple statement.

The Ripple CEO cited countries like Singapore, Thailand and the Philippines as some of the few in the region that have welcomed the potential of the technology in improving these countries’ financial systems.

Thailand, in particular, is lauded for being able to strike a balance between consumer protection and innovation.

IMF’s Leckow, meanwhile, said the ASEAN region is more open to fintech.

“Every country in this region also has very different needs. Some are further ahead than others in thinking through policy, and it’s not surprising that they’ve taken different regulatory approaches…,” Leckow said.

“But, in the ASEAN region, there is general openness in embracing Fintech and allowing innovation to happen. Fintechs in this region are willing to engage with regulators and let them understand the technology, services and products that they’re producing in the early stages of development. Regulatory sandboxes in Singapore, Malaysia, Thailand and Indonesia are examples of this,” the IMF official added.

Regulatory certainty is one of the elements crypto investors search for when determining which market to penetrate and let their digital asset investments thrive.