The UK has been a significant country in facilitating the crypto space among its users. Moreover, the UK’s Economic Secretary previously confirmed that the UK government is leaning toward amplifying the UK’s position as a crypto-friendly country in the world with the recently appointed prime minister Rishi Sunak’s ambitious goals on implementing the crypto sector.
As a result, the UK is gradually opening the doors of cryptocurrencies following terms and regulations of distribution.
As Ripple Labs is getting an inch closer to victory against the SEC, the firm is preparing for a great launch in the next few days. Recently, Ripple, the firm behind XRP, published its whitepaper regarding a proper infrastructure for growing the crypto sector in the UK and aims to work closely with UK regulators in expanding its sector.
Ripple Suggests The UK For A Crypto Regulatory Framework
Ripple Labs, a popular blockchain-based payment platform, brings impactful plans for the UK to utilize several opportunities in building a crypto hub. According to the whitepaper, a potential crypto asset sector will economically benefit the UK in bridging the gap between financial and commercial actors more efficiently.
Through this, there will be cheaper, faster, and more secure payments for small and midsize crypto firms and retail users, specifically for cross-border payments. It can uplift the economy of the UK and enhance social benefits and reputation on the world stage.
Susan Friedman, the Head of Public Policy at Ripple, said, “We’re at an inflection point for crypto in the UK, and there’s no time to waste in agreeing the local framework so the UK can achieve its vision of becoming a hub for responsible crypto innovation.”
However, Ripple has warned about the risks of crypto as policymakers should identify different sectors of the crypto industry before framing a law, as different technologies bring diverse benefit-to-risk profiles.
Things To Become A Champion In The Crypto Space
Over the past decades, the UK has led a prominent role in driving the financial sector by combining industry innovation and applying regulatory coordination with a stable investment and political vision. According to Ripple, there are three things that the UK needs to follow to be a champion of the crypto industry:
- Frame a proper crypto regulatory infrastructure to help investors identify risks and differences between several sectors of the space. Such a framework will eventually benefit investors to work parallelly with the crypto business and build trust with the community.
- Well-established coordination between regulatory bodies and the government will help in bringing an impactful transition for the crypto sector with the development of a Central Bank Digital Currency (CBDC).
- Widespread public education and relation with policymakers will pave the way to build a balanced crypto future for the UK.
These three proposed measures will showcase the true potential of the crypto sector in the UK if appropriately implemented. Furthermore, the introduction of a robust structure to the crypto market of the UK will protect its consumers from theft and boost the confidence of investors and crypto traders in investing in the sector.
Additionally, it will build a friendly approach for crypto firms to expand in the country. Ripple also highlighted that the crypto industry is also capable of eliminating energy emissions which will benefit the environment gradually.
This report from Ripple highlights the current crypto opportunities in the UK and the way to leverage blockchain technology in solidifying the UK’s reputation and economy.