The developer of the Ripple urged the British regulators to follow the example of Japan and introduce new rules to put an end to the "Wild West" in the cryptocurrency market. This is reported by The Telegraph.
Ryan Zagone, head of relations with regulators Ripple, said that Britain needs to strike a balance between "risk containment and the development of innovation." He pointed to 3 "pillars" that lawmakers should take into account when developing appropriate rules: investor protection, combating money laundering and financial stability.
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.
Head of relations with regulators, Ripple
Zagone argues that Japan is a leader in this field, and that other countries, particularly Britain, can use it as an example.
Last month, Chancellor of the Exchequer Philip Hammond announced the creation of a new working group that will help "manage the risks associated with crypto assets" and protect investors. The group included representatives of the Treasury, the Bank of England and the Office of Financial Regulation and Supervision.
Nevertheless, Zagone believes that measures taken by the government are not enough.