Ripple releases white paper for UK regulations. As the UK gets closer to finalizing its crypto regulatory framework, Ripple has released a white paper that it hopes will guide lawmakers.
Ripple shared a policy document it says could direct UK crypto regulation to where it wants crypto to be in a tweet on Tuesday. According to the document approved by Ripple’s director of public policy, Susan Friedman, Ripple prepared a guide based on feedback from experts and industry executives it interviewed in this year. Furthermore, it claims to reflect the blockchain industry’s views on the state of crypto property law in the UK and what it can do to become a crypto hotshot. Significantly, the release of the document is timed as it comes before the legislature approves changes to the UK Trade and Industry Bill, which will be the basis of the country’s guidelines on cryptography.
Ripple and UK Crypto regulations
Ripple, in its advice, suggests that before the UK can create crypto regulations, it must first distinguish between different types of crypto assets and the risks associated with them. “The difference is between consumers and crypto-asset service companies, which offer different opportunities and different risks,” writes Ripple, emphasizing the importance of which these differences exist.
- In addition, the blockchain payment industry presents three pillars beyond the rules alone that must be in place to create a starting point for the emerging crypto sector. Detailed and nuanced rules consider different crypto assets and the risks that come with them
- Increased control and coordination among regulators, enabling an effective response to new developments
- The impact of policymakers and the public on the benefits and risks of the sector
It should be noted that in April, under the Finance Minister and Prime Minister Rishi Sunak, the UK expressed its interest in being a crypto safe haven. The Ministry of Finance ordered the Royal Mint to produce NFTs. However, the latter is not yet reached.
Apparently, Sunak is also one of the proponents of financial rewards in the market. Being considered a friendly Prime Minister, many expect to see progress in crypto investment in the UK under his leadership.
It is worth mentioning that the UK is already the largest crypto economy in Europe, with a crypto trade volume of $233 billion from July 2021 to June 2022, according to a City AM report in October.
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