California-based liquidity provider Ripple is considering leaving the US, and some of the potential destinations to which the company could move include countries in Asia and Europe. Brad Garlinghouse, CEO of Ripple, named Japan, Singapore, and the UK as countries with preferential crypto regulations.
With “the regulatory environment on a global basis, you see countries like Japan, and countries like the UK and Singapore [that have] really clear regulatory dynamics as relates to cryptocurrencies. And it helps the investments, it helps companies who with certainty know how to invest, and how to build their company,” Garlinghouse told Bloomberg TV.
The US regulatory system lacks clarity and cohesion, according to Garlinghouse.
“In the United States, you have competing and, frankly, different regulatory environments. You got some that would say cryptocurrency is a commodity, some would say it’s a currency. Others would say it’s a property, and you also have some that would say cryptocurrencies are securities,” he said. “That makes it hard. Regulation shouldn’t be a guessing game.”
Ripple would like to keep its headquarters in the US “if that was possible,” but the company was also in need of “regulatory clarity in order for us to invest and grow the business” and “a level playing field” to further develop, according to the CEO.
The US government has not managed to provide such conditions to crypto businesses, as opposed to the authorities in Japan and the UK, Garlinghouse said.
“Japan is one of the countries where we think there is clarity, and there has been specificity [regarding crypto regulation],” the firm’s CEO said, adding that the country's SBI Group is a major investor in Ripple, and the Japanese market was one of the liquidity provider's strongest markets. Watch the whole interview below:
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