Crypto company Ripple has a growing presence in the UK. According to Ripple’s head of public policy, this is good, but there are challenges. 🇧🇷PIn order to be able to operate here as efficiently as possible, in order to continue to grow our business, it is important to know what the regulatory framework is like.”🇧🇷 she said. In this context, the XRP issuing company decided to make proposals to British policymakers and regulators.
A series of rules aimed at making the UK a crypto hub
November 15th, ripple announced on Twitter he developed a white paper. This one is about cryptocurrency regulation in the UK🇧🇷 The company said: “Cryptocurrency solutions present a dynamic opportunity for financial and commercial players in the UK. But proper regulation is essential to accomplish 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 details from regulators “how the UK can become a crypto hub“. It should be recalled that the country has expressed its ambition in this regard.
The company mainly recommends put in place 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 Services and Markets Act taking cryptocurrencies into account.
Proposals inspired by different jurisdictions around the world
The proposals contained in the white paper that Ripple offers were 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 creating 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 in 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 as it is the same bill that creates an institutional framework and also includes cryptos in the financial regulatory space.“, he underlined.
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Far from dampening my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its various uses and relay with my pen the information relating to this ecosystem.