Ripple, the company that owns the world’s third-largest cryptocurrency by market cap, XRP, has urged British regulators to develop more crypto regulation in the country, according to the Telegraph.
It says there is a need for more regulation to enable innovation in the field, while also minimizing the risk for investors, and that the main focuses for regulators should be consumer protection, anti-money laundering (AML), and financial stability. Ripple also cited Japan evolving its crypto regulations last year to ensure customer protection by forcing crypto exchanges to comply with AML regulations. It argued that the UK should do something similar in order to give more clarity in the field, and help these companies thrive.
The UK has been at the forefront of other fintech segments, but it’s lagging behind on crypto. The UK is one of the biggest fintech players in the world, and has driven innovation in the country with regulations and initiatives.