Ripple executives are calling on the U.K. government to step up cryptocurrency regulation, warning that delays could leave the country lagging behind the European Union and the United States in the fast-growing digital asset sector.
At the Ripple London Policy Summit this week, Ripple’s European Policy Director Matthew Osborne said new laws were essential to position the UK as a leading hub for blockchain innovation. Osborne highlighted the financial sector’s significant contribution of £208 billion to the UK economy by 2023, and expressed the urgency for regulatory clarity.
“Time is of the essence to show that the UK is open for business,” Osborne said, adding: “The UK has fallen behind other major countries.”
The call to action comes amid significant regulatory developments around the world, with the EU implementing its Markets in Crypto Assets (MiCA) regulation designed to govern the sector, while the US sees President Donald Trump’s administration ease crypto regulations.
Related News: BREAKING: Binance-Listed Altcoin Bids to Buy TikTok
Meanwhile, the U.S. Congress is reviewing a Republican-backed stablecoin bill that some critics see as favoring crypto executives who supported Trump’s election campaign.
Despite concerns about slow regulatory progress, Ripple insists it is not advocating a lack of oversight. “We actually need regulation for the industry. We are not asking for unregulated,” Osborne said.
However, it warned against simply adopting the EU’s MiCA framework, arguing that it imposes a “very comprehensive, detailed and burdensome regulatory framework” that could deter international firms from operating in the UK.
*This is not investment advice.
Continue Reading: Ripple (XRP) Makes Appeal to UK Government on Regulations
