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The news from yesterday about the SEC’s legal action against Kraken has once more caused significant concern in the cryptocurrency industry, but Ripple CEO Brad Garlinghouse has highlighted recent progress made in other parts of the world.
Five positive regulatory news items about cryptocurrency were noted by Garlinghouse, all of which were from markets where Ripple is well-established.
Let’s take a step back from what’s going on in the US for a second. “Just in the last few weeks, there have been a number of good (or at least moving in the right way toward CLARITY) worldwide regulatory developments,” the CEO exclaimed, citing Dubai as the first example.
Due to its long history as a technologically advanced nation, Dubai has released a thorough new set of laws for crypto market players that include everything from compliance requirements to advertising to emissions and more. Ripple signed a deal with multinational financial services company Pyypl in October 2021 to become its first On-Demand Liquidity (ODL) partner in the nation.
Additionally, in March 2020, the National Bank of Fujairah announced a partnership with Ripple for international money transactions. The collaboration was a component of a larger effort to modernize the bank’s operations through the use of cutting-edge technologies.
Australia, where the Department of Finance is attempting to reform the licensing and custody of cryptocurrencies and increase consumer protection, is listed by Garlinghouse as the second nation with regulatory progress. The Treasury has launched a consultation on token mapping and is now looking for feedback from the public before changing the current regulations.
The business has dependable partners that keep up payment pathways into the nation in Novatti and DeeMoney. National Australia Bank (NAB) announced in October 2021 that it has partnered with Israeli bank Leumi and the Canadian Imperial Bank of Commerce (CIBC).
In the statement, it is said that “We’re pleased to be working with CIBC and have already worked with them in leveraging Ripple’s blockchain technology to conduct international financial transfers between our institutions as a proof of concept.”
The latest UK HM Treasury consultation, which demonstrates the government’s goal to establish a suitable, transparent framework that enables firms to innovate while ensuring financial stability, is another development in regulatory policy that pleases Garlinghouse.
The Bank of England recently released a consultation paper on its CBDC initiative, which includes makes reference to Ripple, as Bitcoinist noted.
South Korea is likewise advancing in terms of regulation at the same time. Guidelines outlining what qualifies as a security token and what qualifies as a payment token, as well as how each would be governed independently, have been issued by the South Korean Financial Services Commission.
The firm of Garlinghouse has one of its major international partners in SBI Ripple Asia. Financial institutions and companies offering money transfer services in Japan, South Korea, and several Southeast Asian nations can use RippleNet thanks to a joint venture between a US fintech and SBI Holdings.
Garlinghouse concludes by mentioning Brazil, where it is alleged that work is being done on a CBDC in conjunction with Ripple.
“The list goes on (including Brazil’s new legal system, etc.) Take note of the similarities; these regulators are giving leadership and carrying out the tasks that are sorely lacking in the US; it should come as no surprise that here is where businesses like Ripple are expanding!” the CEO of Ripple stated.
As of the time of publication, the price of XRP was $0.3854, a decrease of 2% over the previous 24 hours.
