Operates the B2B Blockchain payment system and XRPlaunching the Ripple, in England published a “regulatory white paper” containing recommendations for regulators drafting crypto policy legislation.
Ripple Publishes Recommended Guidebook for UK Regulators
“To be able to operate most effectively here and continue to grow our business, it is important what the regulatory framework looks like,” Susan Friedman, Ripple’s head of public policy, said in an interview.
“That’s why we try to achieve the best results.” he added.
The recommendations in the report are inspired by other countries such as Dubai, Singapore and the EU that are further ahead in implementing crypto regulations.
Recommendations include distinguishing between different types of crypto for private regulation, coordinating between the crypto industry and the public sector, and training lawmakers.
The regulatory report was published in the midst of a downward spiral for the crypto industry following the shocking collapse of the second largest exchange, FTX.
Leaked reports of misuse of the exchange’s funds in early November created a domino effect that drove millions of users out of their money.
According to Friedman, this highlighted the importance of the urgency of regulation.
The Financial Markets and Services Bill is now the main vehicle in the UK as a comprehensive legal framework for crypto, after changes to cover crypto were passed by parliament in October.
Ripple’s main proposal includes enacting a comprehensive legal framework that evaluates crypto assets against different risk profiles.
*Not investment advice.
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