Despite recent enforcement actions from the US Securities and Exchange Commission against Kraken causing uncertainty in the crypto market, Ripple CEO Brad Garlinghouse remains optimistic about the future of cryptocurrency regulation.
Garlinghouse highlighted five positive regulatory developments for the crypto market, all in countries where Ripple has a strong presence.
Encouraging Regulatory Developments Around the World
The CEO pointed to Dubai as the first example of regulatory progress, where a new set of regulations for crypto market participants has just been published. In addition, the National Bank of Fujairah announced a partnership with Ripple for cross-border money transfers in March 2020.
Stepping back for a moment from what’s happening in the US – just in the last few weeks, the number of positive (or at least headed in the direction of CLARITY) global regulatory developments is energizing!
— Brad Garlinghouse (@bgarlinghouse) February 9, 2023
Australia was cited as the second country with positive regulatory developments, as the Department of Finance is looking to reform licensing and custody regulations for cryptocurrencies. The Treasury recently released a consultation on token mapping and is seeking public input to update existing frameworks.
Garlinghouse also expressed his excitement about regulatory advancements in the UK, where the new UK HM Treasury consultation intends to provide a clear framework for innovation while maintaining financial stability. The Bank of England recently published a consultation paper on its CBDC project, which mentions Ripple.
South Korea is also making regulatory strides, with the South Korean Financial Services Commission publishing guidelines defining security and payment tokens and how they will be regulated separately. In SBI Ripple Asia, Garlinghouse’s company has a key global partner in the region.
Finally, the CEO mentioned Brazil, where it is rumoured that the country is developing a CBDC in cooperation with Ripple. Garlinghouse concluded that these regulators are providing leadership that is missing in the US and where companies like Ripple are growing.
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