The UK has become an attention seeker of the crypto space as it continues to show interest in pushing the crypto space to the North. Moreover, the UK’s Economic Secretary previously promised the further development of the crypto sphere in the country as the UK government is leaning toward facilitating the UK’s position as a crypto-friendly country as the UK’s prime minister Rishi Sunak promises an overwhelming future for the crypto enthusiasts. As a result, the UK is gradually establishing multiple ways to adopt the blockchain as mainstream. Ripple Labs is optimistic about its future plans as the firm is on the verge of winning the lawsuit against the SEC. Recently, Ripple, the firm behind XRP, proposed a whitepaper dedicated to the UK to strengthen its crypto space by framing a regulatory infrastructure.
Ripple Provides Guidance To The UK For Web3 Adoption
Ripple Labs provides impactful plans to the UK to apply several opportunities in building a crypto hub. According to a whitepaper published by Ripple, a powerful crypto asset sector will benefit the UK economically and help minimize the gap between financial and commercial actors worldwide. With this step, the UK will be able to offer cheaper, faster, and more secure payments for SME and retail investors, specifically for cross-border payments. Moreover, Ripple believes that it can provide stability to the economic structure of the UK and provides more exposure 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 also addressed the risks usually coming from the crypto market. Ripple suggests policymakers identify each sector of the crypto space before building a crypto regulation, as different technologies of the space can fetch multiple benefit-to-risk profiles.
The UK Can Take The Crown Of The Crypto Space
The UK has played a central role in accelerating a significant portion of the global economy by integrating several industry-innovating tools with an optimistic vision. Ripple Labs outlined three significant points that the UK needs to follow to become the champion of the crypto industry:
- Establish a transparent crypto regulatory framework to guide investors in making decisions by recognizing risks. Moreover, it will allow investors to work parallelly with the government and crypto business firms.
- An excellent communication between policymakers and the government will help develop the Central Bank Digital Currency (CBDC) in the UK.
- Additionally, crypto awareness and education among users will solidify the future of crypto in the UK.
These three proposed requirements 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 could also gradually eliminate energy emissions that will benefit the environment. 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.