Crypto company Ripple has an increasingly growing presence in the UK. According to the head of public policy at Ripple, this is a good thing, but there are challenges. “PTo be able to operate as efficiently as possible here, in order to continue to grow our business, it is important to know what the regulatory framework looks like”, did she say. In this context, the XRP issuing company has decided to make proposals to British policymakers and regulators.
A series of rules aimed at making the UK a crypto hub
November 15, Ripple announced on Twitter that he developed a white paper. This one is about the regulation of cryptos in the UK. The company said: “Crypto solutions present a dynamic opportunity for financial and commercial players in the UK. But proper regulation is essential to realize this“.
the proposed document was developed by Susan Friedman and Andrew Whitworth. They are respectively the Public Policy Officer and the Policy Director. Ripple explained that this white paper for regulators details “how the UK can become a crypto hub“. As a reminder, the country had expressed its ambition in this direction.
The company primarily recommends deploy a comprehensive legal framework. This framework will have to evaluate cryptos, taking into account different risk profiles. The publication of the white paper comes at a time when the UK is considering a Financial Markets and Services Bill, taking crypto into account.
Proposals inspired by several jurisdictions around the world
The proposals contained in the white paper that Ripple offers have been developed taking into account the rules of other jurisdictions. These are in particular the Dubai, Singapore and EU jurisdictions. The latter have taken a long lead in terms of setting up a regulatory framework for cryptos.
Susan Friedman said:We are aware that the UK may not be the first to act in all these areas and we believe there is an advantage to this“. “It is useful to see how different frameworks develop and adopt best practices“, she added.
Ripple’s policy director wants UK regulators to consider the company’s proposals. “This should work, since it is the same bill that creates an institutional framework and also includes cryptos in the financial regulatory space.“, he underlined.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
