Ripple executives have called on the UK government to tighten cryptocurrency regulations and warn that delays could fall behind the European Union and the US in the fast-growing digital assets sector.
At this week’s Ripple London Policy Summit, Ripple’s European Policy Director Matthew Osborne said new legislation is essential to positioning the UK as a major hub for blockchain innovation. Osborne highlighted the significant contribution of the £208 billion financial sector to the UK economy by 2023, expressing the urgency to regulatory clarity.
“It’s essentially time to show that the UK is open for business,” Osborne said. “The UK is behind other major countries.”
The call to action comes amidst the development of key regulatory developments around the world, with the EU implementing the market with crypto assets (MICA) regulations designed to manage the sector, while the US believes that President Donald Trump’s management makes crypto regulations easier.
Meanwhile, the US Congress is reviewing the Republican-backed stubcoin bill, which some critics consider to be the crypto executives who have supported Trump’s campaign.
Despite concerns about slower regulation progress, Ripple claims it has not claimed a lack of surveillance. “We really need industry regulations, we don’t want them to be unregulated,” Osborne said.
However, he warned against the mere adoption of the EU MICA framework, arguing that it would impose a “very comprehensive, detailed and burdensome regulatory framework” that could block international companies from working in the UK.
*This is not investment advice.
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