It’s no secret that Ripple has been advocating for the formulation of a clear regulatory framework to govern the wild and volatile crypto industry and Ripple’s Director of Regulatory Relations is the latest to air his opinion. Speaking to the UK publication The Telegraph, Ryan Zagone urged UK regulators to put in place regulations that strike the perfect balance between capturing risk and enabling innovation.
Ryan outlined the three key areas that policy makers need to focus on as consumer protection, financial stability and anti-money laundering. He urged the lawmakers to follow in the footsteps of Japan and come up with a comprehensive regulatory framework that will bring order and stability in the market. A wait and see attitude will only plunge the industry into further chaos.
“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.”
The issue of regulations has never been more pertinent as it is today, with the market having shed over half its value this year alone thanks in part to ambiguous regulations globally. The hands-off approach that many governments have taken has given many investors the jitters and has kept many from investing in fear that their money may be at risk should the government decide to take drastic steps in the crypto market. In India, the crypto exchanges have lost over 90% of their daily transactional volume and this drastic drop has been attributed to the lack of clear guidelines on the market.
Ryan also took to his Twitter page to express Ripple’s commitment to the advancement of the crypto industry through participating in discussions that promote broader adoption and customer protection.
“Ripple is not sitting back, waiting for rules to write themselves. We’re actively taking part in discussion, driving a thoughtful outcome that will result in new use cases and broader adoption – all while protecting consumers.”