Ripple Official to UK Legislators: “More Regulation, Please”
- Ripple's head of regulations thinks more rules would be better for the industry.

Ripple, which has gained itself a reputation as a popular choice for financial institutions, has reportedly called on legislators in the UK to step up their regulatory game when it comes to cryptocurrency.
The ticket is to find the sweet spot between “capturing risk and enabling innovation,” according to Ryan Zagone, Ripple’s head of regulatory relations. “We’re at that time now where we need more clarity and rules and we need more certainty,” he said in a Telegraph report.
The right kind of regulations could create “the guardrails on the highway that allows new entrants to come in, particularly institutional investors,” he explained.
'Slow and Steady' Isn’t Going to Cut it Anymore
Zagone added that regulators should focus their efforts on three “pillars” of legislative intention: financial stability, consumer protection, and anti-money laundering.
“It’s a good time to start revisiting that ‘wait and see’ approach taken by regulators,” said Zagone, most likely referring to the regulatory attitude with which most Western countries have approached cryptocurrency. The US, the UK, and most countries in the EU have taken a rather slow-and-steady approach toward regulating crypto.
Instead, Zagone, said that Western nations should be looking to Japan’s crypto laws as a blueprint for their own regulations. Following the massive Mt Gox hack in 2014, Japan enacted a comprehensive set of crypto regulations in its Virtual Currency Act of April 2017. Among other things, the act legitimized Bitcoin and Ethereum as legal means of payment and outlined a licensing procedure for exchanges.
The UK’s Regulatory Climate Is Getting Hotter - Slowly
The UK has indeed taken some steps toward Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges. Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges. Read this Term around cryptocurrency. Last month, Chancellor Phillip Hammond launched a task force to “manage the risks around crypto-assets.” The team is comprised of members of the Treasury, the FCA, and the Bank of England.
Several of the world’s largest crypto firms joined forces earlier this year to form CryptoUK, a self-regulatory body for the cryptocurrency space. In fact, crypto companies around the world are turning to self-regulation as a way to legitimize their business practices as governments hesitate to regulate.
In an exclusive interview with Finance Magnates earlier this year, CryptoUK Chairman Iqbal Gandham said that the organization was formed to be a body “which the masses and the wider audience in the UK would understand in terms of what crypto is, how we want to regulate it, and what the best practices that we as organizations choose to follow.”
Ripple, which has gained itself a reputation as a popular choice for financial institutions, has reportedly called on legislators in the UK to step up their regulatory game when it comes to cryptocurrency.
The ticket is to find the sweet spot between “capturing risk and enabling innovation,” according to Ryan Zagone, Ripple’s head of regulatory relations. “We’re at that time now where we need more clarity and rules and we need more certainty,” he said in a Telegraph report.
The right kind of regulations could create “the guardrails on the highway that allows new entrants to come in, particularly institutional investors,” he explained.
'Slow and Steady' Isn’t Going to Cut it Anymore
Zagone added that regulators should focus their efforts on three “pillars” of legislative intention: financial stability, consumer protection, and anti-money laundering.
“It’s a good time to start revisiting that ‘wait and see’ approach taken by regulators,” said Zagone, most likely referring to the regulatory attitude with which most Western countries have approached cryptocurrency. The US, the UK, and most countries in the EU have taken a rather slow-and-steady approach toward regulating crypto.
Instead, Zagone, said that Western nations should be looking to Japan’s crypto laws as a blueprint for their own regulations. Following the massive Mt Gox hack in 2014, Japan enacted a comprehensive set of crypto regulations in its Virtual Currency Act of April 2017. Among other things, the act legitimized Bitcoin and Ethereum as legal means of payment and outlined a licensing procedure for exchanges.
The UK’s Regulatory Climate Is Getting Hotter - Slowly
The UK has indeed taken some steps toward Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges. Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges. Read this Term around cryptocurrency. Last month, Chancellor Phillip Hammond launched a task force to “manage the risks around crypto-assets.” The team is comprised of members of the Treasury, the FCA, and the Bank of England.
Several of the world’s largest crypto firms joined forces earlier this year to form CryptoUK, a self-regulatory body for the cryptocurrency space. In fact, crypto companies around the world are turning to self-regulation as a way to legitimize their business practices as governments hesitate to regulate.
In an exclusive interview with Finance Magnates earlier this year, CryptoUK Chairman Iqbal Gandham said that the organization was formed to be a body “which the masses and the wider audience in the UK would understand in terms of what crypto is, how we want to regulate it, and what the best practices that we as organizations choose to follow.”