Ripple Official Calls on UK Govt. to Improve Crypto Regulations

Apr 18, 2018 at 20:45

A senior official from Ripple (XRP) has called on British regulators to revisit their wait and see approach to cryptocurrencies and called for the introduction of new rules the same way Japan did.

In an interview by The Telegraph, Ripple’s head of regulatory relations Ryan Zagone called on regulators to focus on regulations related to consumer protection, financial stability and anti-money laundering that will maintain a balance to lessen risks while promoting innovations.

“We’re at that time now where we need more clarity and rules and we need more certainty. It’s a good time to start revisiting that wait and see approach taken by regulators,” he expressed.

The United Kingdom has pro-innovation policies and is seen as supportive of blockchain technology and cryptocurrencies despite calls for regulatory oversight and clampdowns on cryptocurrency usage.

Zagone said that the UK can follow on Japan’s footsteps especially in mandating exchange platforms to register with the country’s financial regulator and gain a license to operate.

He noted that such regulation is key to help the market mature and encourage new participants to the cryptocurrency sector.

“Regulation creates the guardrails on the highway that allows new entrants to come in, particularly institutional investors,” he claimed.

Earlier, the UK Treasury Select Committee, a group composed of cross-party politicians, launched an inquiry into cryptocurrencies for lawmakers to educate themselves on cryptocurrencies before drafting any policies for the space.

As of this writing, XRP is the third largest digital currency with a market cap of $26.3 billion and a price per coin of $0.6732.