Ripple’s Head of Regulations: Cryptos are an Additive, Not a Separate Industry to the Financial System
Crypto companies seem to be following very different ways in order to grow. While some of them are the most hardcore Satoshi Nakamoto followers and want to use their inventivity and technology to topple the current financial world and take its place, some are far more moderate than that. Ripple, without a doubt, one of these more moderate companies.
The head of regulations at Ripple, Dan Morgan, talked at the Innovate Finance Global Summit (IFGS) 2019. According to him, the main focus of the company now is to deal with local regulations in order to ensure that they will not get in the way the services provided by the company.
"Unlike the growing trend to try and keep crypto assets separate from financial institutions, we should see them as an additive to the financial ecosystem." – Dan Morgan, Head of Regulatory Relations, Europe, Ripple #IFGS2019 @InnFin pic.twitter.com/t6T0r4EbA1
— Ripple (@Ripple) May 1, 2019
One of his most important points was that Ripple is not going in the trend of trying to topple the financial system but to be an important part of it instead. He affirmed that crypto assets should not be seen as a separate institution but as a part of the global financial system of the future.
Morgan believes that 2019 is an important year for both Ripple and the industry and that the global standard is about to change. According to him, the United Kingdom is one of the most prepared countries for the future. Even with the generalized panic that is happening there now because of all the political trouble, the regulators are striving to create space for innovation.
This way, in his view, the United Kingdom is considerably conductive to cryptos and the concept of digital assets in general. So far, the U. K. has created regulations which can be deemed as positive and has been fast to answer to the challenges that appear in its way.
Dan Morgan affirmed that the regulations provided by the Financial Conduct Authority (FCA) were very important for the development of the local industry and are also the main reason why the industry has moved forward in the country.
At the moment, Ripple is focused on a global effort to basically include over 200 financial institutions in its network and to really achieve its dream of becoming a new and more effective version of SWIFT. Participating in important markets like the United Kingdom and the European Union is vital for this expansion.
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