Ripple CEOs Andrew Whitworth and Susan Friedman have praised the UK’s method to cryptocurrency regulation, saying the nation has surpassed the US on this regard.
Their feedback got here after King Charles on June 29. authorised the Monetary Companies and Markets Invoice (FSMB), which, whereas addressing a variety of matters, additionally contains provisions for the regulation of cryptocurrencies and stablecoins, permitting regulatory authorities to determine the authorized framework for digital property.
The FSMB’s recognition of stablecoins as a type of fee and ease of regulated cryptocurrency exercise within the UK has been hailed as a progressive measure by business leaders.
As well as, the draft regulation offers for strict management of cryptocurrency promoting and promotions. In distinction, the US has been criticized by stakeholders for its unclear regulatory stance on cryptocurrencies, complicated market contributors.
Ripple CEO Brad Garlinghouse highlighted the uncertainty surrounding US laws as a driving pressure behind many US crypto corporations exploring alternatives in international jurisdictions. A number of distinguished crypto corporations corresponding to Bittrex and Paxful have pulled out of the US market as a result of unpredictable regulatory surroundings.
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