Positive global regulatory developments are taking place in the crypto industry, according to Ripple CEO Brad Garlinghouse.
In a Feb. 9 Twitter post, Garlinghouse praised regulators in Dubai, the U.K., Australia, Brazil and South Korea for the “leadership” and “clarity” they had provided e-money companies.
According to Garlinghouse, regulators in these countries are doing a job of “letting America down.”
Garlinghouse highlights regulatory developments
Gallingues highlighted various regulatory developments in these countries in recent weeks.
The Ripple CEO noted that the Dubai government “has issued a new set of technical rules for cryptocurrency market participants, including compliance standards, advertising, distribution, etc.” This helps the region preserve its “history of technological advancement,” he added.
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In Australia, Garlinghouse noted that authorities are working on regulations aimed at reforming cryptocurrency custody and licensing services and strengthening consumer protections.
Garlinghouse said the U.K.’s regulatory efforts present an opportunity for it to become a global crypto hub. According to him, “the new advisory work reflects the government’s intention to create a clear, balanced framework that will enable companies to innovate while maintaining financial stability.”
He added that South Korea’s financial regulatory guidelines will “describe what should be considered security tokens versus payment tokens and how they should be regulated separately.”
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