Ripple wants to leave for London despite tough regulation
Ripple eyes London as new home
US does not share the position of other G20 markets, Ripple said
In addition to the UK, the company is also considering relocation to Switzerland, Singapore, Japan and the UAE.
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Prominent fintech startup sees UK as new home due to overregulation in the US
US fintech company Ripple is considering London to move its main headquarters from San Francisco. This was stated in an interview with CNBC by the head of Ripple Brad Garlinghouse. According to Garlinghouse, UK regulators do not count XRP, a digital token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More, the vast majority of which is held by Ripple, a security.
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This, according to the head of Ripple, is the key discord in the American market..
“What you see in the UK is a clear taxonomy, and the UK regulator has taken a lead role in determining how we should rate various assets and their use cases,” Garlinghouse said..
Garlinghouse argues that the clarity of the regulator’s position is the main reason why Ripple is considering London as a new home. In addition to the UK, the company is also considering relocation to Switzerland, Singapore, Japan and the United Arab Emirates..
“The US does not share the position of other G20 markets and how these markets view regulation,” he added..
For the first time, Ripple announced its intention to leave the United States due to unreasonable tight regulation in early October. Then the executive chairman of Ripple Chris Larsen lamented about the “hostility” towards the cryptocurrency industry from the US authorities, and in particular the Securities and Exchange Commission (SEC).
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It is noteworthy that Ripple’s decision to move to London comes amid a ban by the UK Financial Conduct Authority (FCA) from selling crypto derivatives to individual investors. The British regulator claims that the decision to tighten regulation of the crypto market is connected with the desire to protect investors from investing in “unregulated crypto assets”.
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