Ripple (XRP/USD), the world’s third largest digital currency, has urged British regulators to follow in the footsteps of Japan and implement new rules to end the “Wild West” days of the cryptocurrency market.
According to TheTelegraph, the company suggested that the UK regulators implement structured regulatory frameworks to encourage safe and legal investments into digital currencies.
Ripple’s head of regulatory regulations, Ryan Zagone, called on UK regulators to strike a balance between “capturing risk and enabling innovation”.
Three areas highlighted for suggested regulation were financial stability,consumer protection, and anti-money laundering.
“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,” said Mr. Zagone, comparing the regulatory environment on cryptocurrencies to the early days of the internet.
Japan has led the way with cryptocurrency legitimization and regulation and is the world’s leading country for digital asset trading and investment. The UKhas been a lot slower to react, possibly due to the Brexit negotiations dragging on and dominating national politics.
By Ksenia Batanova