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Ripple Urges UK Regulators To End Wild West Of Digital Currencies

Apr 17, 2018 Posted /  858 Views

Ripple Urges UK Regulators To End Wild West Of Digital Currencies

The Telegraph announced that Ripple, the world's third-biggest digital currency, has approached UK controllers to follow the lead of Japan and end the wild west days of digital currency markets by actualising new principles.

Ripple's head of regulatory relations, Ryan Zagone, encouraged British controllers to discover a harmony between getting hold of threat and empowering advancement. Zagone pinpointed three standards for recommended direction: anti-money laundering, consumer protection and financial security. He compared the current regulating structure on cryptocurrencies to the beginning of the Internet, he said:

“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.”

Zagone called Japan the pioneer of digital currency direction and legitimisation and said different nations, even the UK could utilise  Japan's understanding as a blueprint. Australia started following Japan's lead a year ago, announcing Bitcoin and other cryptocurrencies legal tender.

It's still to be seen whether the UK will take their indication from Japan and amend its position on digital currencies or keep on imposing controls. Chancellor Philip Hammond propelled another taskforce a month ago to provide security to the clients, saying it will help deal with the dangers around cryptocurrency assets.

Mark Carney, the governor of Bank of England has cautioned people around that digital currencies will confront regulatory concealment, guaranteeing they had a characteristic of a bubble. Further, Zagone expressed that control is vital for the market to develop, he stated:

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


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Tags: Ripple digital currencies UK Regulators Ryan Zagone

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