Ripple has called on UK regulators to end the “Wild West” era of cryptocurrency by echoing markets such as Japan with new rules for the industry.
Ryan Zagone, head of regulatory relations at the company, said: “We’re at that time now where we need more clarity and rules and we need more certainty. It’s a good time to start revisiting that ‘wait and see’ approach taken by regulators.
“Regulation creates the guardrails on the highway that allows new entrants to come in, particularly institutional investors.”
Zagone pointed to three main ‘pillars’ that regulators need to target all while “capturing risk and enabling innovation”, which include consumer protection, anti-money laundering and financial stability.
While praising the taskforce introduced by Chancellor Philip Hammond last month, he added that Japan had been a leader in this space and Britain must follow suit so that the market can mature and attract new players.