In another attempt to assure sophisticated management for the UK alt-coin market, officials over at Ripple, the world’s third-biggest cryptocurrency, have asked British regulators to put a conclusion to the financial uncertainty that inundates their cryptocurrency sector.
Ryan Zagone, the head of regulatory relations at Ripple, has put forward a method that bears similarities to the one instigated by Japan to help in ending the “Roller Coaster” days that have forced the crypto realm to spike and fall constantly since the first month of 2018.
The method proposed by Zagone also includes incorporating the creation of a transparent market that limits investor risks and empowers maximum digital innovation.
According to Zagone, he believes the below-mentioned points would be the “three pillars” that will bring long-term economic stability in the alt-coin sector:
- Consumer protection
- Financial stability
- Uniform anti-money laundering laws
During an interview with the Telegraph, Zagone likened the regulatory atmosphere that oversees the current cryptocurrency realm to the initial days of the internet.
Zagone’s statement reads as follows, “We are currently at that time where we require further clarity and rules and not to forget more certainty within this field. It is the perfect time to revisit the ‘wait and see’ approach adopted by regulators to keep up with the times.”
Following the massive crypto-adoption that occurred in the previous year, the Japanese government acted quickly and went on to establish an elegant framework to help protect customer investments and eradicate money laundering issues.
However, nations like Britain, France, Germany have not been able to match the same pace as compared to their eastern counterparts in incorporating such pertinent measures into their financial structures.
The fact that Philip Hammond, Chancellor of the Exchequer, established a “crypto task force” earlier in 2018 in an attempt to protect the rights of British alt-asset or investors is quite significant. The new regulatory group is made up of members from their Treasury, UK’s financial watchdog, the FCA and the Bank of England.
For now, undoubtedly, Governments of countries all over the world have been forced by cryptocurrencies to reassess the financial route in which their nations will move forward, yet it still remains to be seen how the regulation of such a growing industry is shy of becoming a multibillion-dollar industry, especially after the implementation of the new framework.
Esteemed personalities like Mark Carney, Governor of the Bank of England, changed their opinions after having bad remarks on Bitcoin and Ethereum. It more and more looks like the crypto sector is slowly being accepted by the masses and is getting free of all the negative media remarks which it initially faced on a regular basis.