The latest news rotating around the United States Securities and Exchange Commission’s implementation act against Kraken has again attracted the attention of great uncertainty in Virtual Digital Assets. However, Brad Garlinghouse, the Ripple Chief Executive Officer, has taken note of the positive innovations around the globe.
Brad Garlinghouse noted five inspiring digital assets and new regulatory stories globally in markets where Ripple has a rigid existence. Citing moments of what’s happening in the United States, just recently, the number of positive worldwide regulatory innovations is encouraging, citing Dubai as the initial example.
Dubai has always been an innovation-driven nation and has registered a fresh set of guidelines for crypto asset market players, including advertising, compliance standards, emissions, and more. Ripple found its first On-Demand liquidity partner in the nation in October, two years ago, in collaboration with the global financial services firm.
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The National Bank of Fujairah also reported the partnership with Ripple for cross-border funds in 2020. The collaboration was part of a wider project to implement the recent innovations to the bank activities.
Brad indicates Australia as the second nation with regulatory guidelines, where the finance department is seeking to restructure the authorization and custody of virtual digital assets and tighten consumer security. A token mapping discussion was launched, with the Treasury looking for a public contribution before developing the current structures.
The firm has long-enduring partners that uphold payment channels into the nation. A couple of years ago, in October, the Australian National Bank announced that it had formulated a partnership with the Israeli and Canadian Imperial Bank of Commerce.
According to the reports, the National Australian Bank announced they were excited to work hand-in-hand with them in utilizing Ripple’s blockchain innovation to execute international trades between the banks as a proof of concept.
Optimism about Worldwide Regulatory Approaches
Brad Garlinghouse, the Ripple Chief Executive Officer, is also encouraged about regulatory motives in the United Kingdom, with the new United Kingdom Treasury consultations indicating the administration’s attempt to offer an applicable, transparent structure that enables businesses to develop while sustaining financial stability.
The bank of England launched a consultation paper on its CBDC initiative, which Ripple is also considering. In the paper, the England Central Bank described why it was considering rolling it out and what the Central Bank Digital Currency may look like in the future.
Similarly, South Korea is also taking regulatory steps. For example, the Financial Services Commission of South Korea has rolled out regulations streamlining what is well-thought-of as a security token and what is well-thought-out as a payment token and how they will be controlled differently.