The B2B blockchain payment system operator and XRP issuer Ripple has published a “regulatory white paper” containing suggestions for UK legislators and regulators formulating rules on cryptocurrency policy.
The report’s proposals are influenced by other regions that have advanced in implementing crypto law, such as Dubai, Singapore, and the EU. Differentiating between various forms of cryptocurrency for tailored regulation, coordinating between the crypto industry and the public sector, and educating lawmakers are just a few of the recommendations.
“We appreciate that the UK may not be the first mover in all of these and we think there’s an advantage to that,” Friedman said. “There is value in seeing how different frameworks unfold and adopting best practices.”
The regulatory paper is released as the cryptocurrency market is in a tailspin as a result of the shocking collapse of FTX, the second-largest exchange. The mismanagement of the exchange’s funds was first reported on in leaked reports that surfaced earlier in November. This set off a chain of events that resulted in millions of users losing their money.
This emphasizes how urgent it is, in Friedman’s opinion, to push for regulation.
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