Ripple, the leader in enterprise blockchain and crypto solutions, today launches a policy paper titled: “Block by Block: Building up the UK as a global cryptoasset centre.”
The paper outlines a regulatory framework that could set the UK on the path to becoming a global crypto hub by fostering innovation and growth, encouraging investment, and educating both the public and policymakers on the sector’s benefits and risks.
As one of the world’s leading financial centres, the UK is well placed to make the most of the next wave of global financial innovation by developing its cryptoasset sector. What’s more, with a new Prime Minister that is an advocate of the value that crypto and blockchain solutions bring, the country is primed to deliver a transparent, principled, and proportionate regulatory framework to the benefit of the local cryptoasset ecosystem.
Andrew Whitworth, EMEA Policy Director, Ripple, said: “Heading into the summer, the UK’s crypto ambitions were ready to be realised, and after a period of instability, it’s time to get that train back on the rails and move forwards. We’ve seen other jurisdictions take progressive steps to offer regulatory clarity for their local cryptoasset industries and the UK cannot afford to fall behind. Our policy paper speaks directly to UK regulators and offers guidance on how they can collaborate with the private sector and build the UK as a global crypto centre.”
Ripple’s paper draws comparisons between the UK’s regulatory approach and other progressive administrations, such as Singapore, Dubai and the EU, and sets out its own policy ambitions.
These include:
Developing a clear and differentiated regulatory framework that treats the different actors of the cryptoasset space according to their own risk profiles;
Investing in resources and improving coordination between regulatory bodies and the private sector to ensure efficient and timely responses to industry developments and innovation;
A commitment to public education that develops policymakers’ and the wider public’s understanding of the sector’s benefits and risks to create a more balanced discourse.