A high-level Ripple staff has asked the British government to reconsider its wait-and-see attitude with regard to a regulation over crypto-currencies.
The last great fear of rapid decisions, especially in the international field at the recent G20 Meeting had caused a great unrest in the crypto market. In the UK, very now, an employee of Ripple for a time close to the creation of clear framework conditions for the entry into the crypto market.
As reported by the Telegraph, has spoken out, and Ryan Zagone, Director of regulatory relations at Ripple, for an end to the days of the “Wild West” in the crypto-currency sector. He speaks of the hitherto restrained conservative attitude of the British government. In his opinion, a Balance must be ensured between the Limit of risks and the promotion of innovations.
As he explains (free Translation):
We have now reached a time in which clarity and rules, as well as security are needed. Now is a good time to “Wait-and-see is to rethink the approach” of the Supervisory authorities.
The UK is considered to be very innovation-friendly country, especially in the Blockchain and crypto currency. In the international space London is one of the world’s leading Fintech hub.
According to Zagone will take the UK to the example of Japan, which occupies a leadership role in the creation of a regulatory system. So Bitcoin was recognized last year as a legal method of payment.
According to the latest domestic laws of each crypto-currency exchange in Japan is required to apply for a license from the financial Supervisory authority of the country. Only a domestic Kryprowährungsbörse may be operated.
A uniform regulation is, according to the paper by Zagone, the key to a more Mature market and for the entry of new market participants. In Japan, financial giants like SBI and Yahoo Japan are involved in domestic crypto exchanges. Particularly for institutional investors, regulation is very important (freely translated):
The regulation creates a clear framework that allow institutional investors easier access to the crypto currency market.
In the future regulation there is for Zagone three key issues to discuss: consumer protection, financial stability and money laundering guidelines.
In March of this year, the British Chancellor of the exchequer-Philip Hammond, the new “crypto assets Task Force announced”, from the Bank of England, high-ranking supervision of members of financial institutions in the country and the financial management. The aim of the Task Force is supposed to be currencies of the timely identification of opportunities and risks, as well as the benefits of Crypto.
A regulation must mean that the market is not a bad thing, as long as innovation is not unnecessarily restricted and the barriers to entry are too high. For the further future remains to be seen what action will lay the plan of the British government of the day.
The price of Ripple moves, however, is sideways and is on the editorial Board of the time at 0.54 euros and a market capitalization of 21 billion Euro. Ripple remains the third-largest Cryptocurrency behind Bitcoin and Ethereum.
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