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Ripple CEO praises ‘positive global regulatory developments’ happening outside US
Garlinghouse praised regulators in Dubai, the U.K., Australia, Brazil, and South Korea for providing "leadership" and "clarity" for crypto firms.
1 min read
Updated: Aug. 1, 2023 at 4:48 pm UTC
Collision Conf / CC BY 2.0 / Flickr. Remixed by CryptoSlate
Ripple CEO Brad Garlinghouse said the number of positive global regulatory developments happening in the crypto industry is “energizing.”
In a Feb. 9 Twitter thread, Garlinghouse praised regulators in Dubai, the U.K., Australia, Brazil, and South Korea for providing “leadership” and “clarity” for crypto firms.
According to Garlinghouse, the regulators in these countries are doing the work that is “desperately missing in the U.S.”
Garlinghouse highlights regulatory developments
Garlingouse highlighted the various regulatory development each of these countries has made in recent weeks.
The Ripple CEO pointed out that the Dubai government “published an extensive new set of tech-agnostic rulebooks for crypto market participants, covering compliance standards, advertising, issuance, and much more.” He added that this continues the region’s “history of being tech-forward.”
In Australia, Garlinghouse noted that the authorities were working on regulations that would reform licensing and crypto custodial services and bolster consumer protection. He said:
“They recently published a token mapping consultation and are looking for public input before updating existing frameworks.”
Garlinghouse said the regulatory efforts in the U.K. provide an opportunity for it to become a global crypto hub. According to him, the new “consultation [efforts] reflects the government’s intent to establish a proportionate, clear framework that allows firms to innovate while maintaining financial stability.”
He added that South Korea’s financial regulator guidelines would “delineate what would be considered a security token vs. a payment token, and how those are separately governed.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Brad Garlinghouse stands at the forefront of financial technology as the CEO of Ripple.