To guarantee and promote secure and legit investments toward cryptocurrencies, Ripple (XRP), the #3 crypto coin in the world by market cap, has demanded the British crypto regulators to instrument similar supervisory structures to the ones implemented by the Japanese government. Ripple pushed the regulators from the United Kingdom to bring to an end the period of freedom for the crypto coins.
Japan has started the cryptocurrencies market’s legalization and control, taking the first position on the planet in terms of crypto coins trading and investments, despite regulations. Therefore, Ryan Zagone from the Ripple’s Regulatory body supported the proposal stating that regulations are important to bring in new investors and promote the cryptocurrencies market maturation.
Ryan Zagone said that:
Regulation creates the guardrails on the highway that allows new entrants to come in, particularly institutional investors.
He is also the one who invited UK regulators to create an equilibrium between risks (referring to crypto’s volatility) and innovation (referring here to the blockchain technologies).
Ripple (XRP) representatives believe that cryptocurrencies market regulations will bring the cryptos into a new era
The 3 important aspects Ripple demanded to be taken into account are financial security, traders assurance, and, maybe the most important one, money laundering avoidance.
At this time, we are in need of better clarity, more rules, and higher certainty. So, it is a good time to start revisiting the ‘wait and see’ approach opted by regulators.
On the other hand, the UK Chancellor Philip Hammond announced, in March, the intention of creating a new group which will handle exclusively the traders’ protection, while also applying the repository of the Bank of England and Financial Conduct Authority.
At this moment, Ripple (XRP) is trading at $0.65, recording a 2.10% loss in the last 24 hours. Besides, XRP is still on the 3rd position in the cryptocurrencies market, marking a market capitalization of about $25.7 billion and an increase of more than $546 million in its volume in the last day.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.