Ripple is the third largest cryptocurrency in the world, it is also called the cryptocurrency of banks. It raised a request to the British regulator to stop the lead of Japan and to stop with implementing new crazy rules on cryptocurrency.
Ryan Zagone, the head of the regulatory relations from the Ripple side, urged British regulators to stop trying and finally to find a healthy balance between “capturing a risk and enabling innovation”. He also highlighted three principles that can serve as the base for all kind of regulations, including the regulation or cryptocurrencies:
– Customer protection
– Anti-money laundering
– Financial stability.
It is definite, that the rules need more clarity and certainty, but they need more friendliness, as well. It is time to make a regulation that will be clear, transparent and welcoming to new technologies.
Moreover, there are samples of countries that did so: Japan is famous as cryptocurrency hub, and further, Australia followed its example. Now, let`s see if the United Kingdom follows the common way to cryptocurrency innovation or will continue with “Wild West” policy for cryptocurrencies.