Ripple Urges UK to Speed up Crypto Rules at Policy Summit

CN
10 days ago

At a recent summit hosted by Ripple in London, policymakers and industry experts assembled to explore how the United Kingdom can solidify its role as a global force in digital finance. The Digital Asset Policy & Regulations: UK Policy Summit, convened earlier this month with support from Innovate Finance and the UK Centre for Blockchain Technology, focused on the growing urgency for a comprehensive cryptoasset and stablecoin regulatory framework. As jurisdictions such as Singapore, Hong Kong, and the European Union move swiftly with their digital asset rules, speakers at the event emphasized that the UK must now act decisively to avoid falling behind in a rapidly evolving sector.

Industry participants pointed to the UK’s foundational strengths in financial services as a unique advantage. With well-established markets in foreign exchange, capital markets, and insurance, the UK is well-positioned to scale innovation in blockchain and tokenized finance. Ripple stated:

There is a huge opportunity for digital assets in the UK … the UK has all the building blocks to be a global leader in digital assets.

Discussions during the summit stressed that proportionate and risk-sensitive regulation could help unlock these advantages while reducing consumer harm. Speakers also emphasized the “second mover advantage” that the UK can leverage by learning from global peers, but cautioned that this window is narrowing quickly. The Financial Conduct Authority (FCA) was urged to prioritize the stablecoin rulebook, especially given the asset’s expanding role in trading, payments, and settlement.

The forum also examined tokenization’s potential to transform traditional finance, with estimates from UK Finance suggesting digital assets could comprise up to 10% of global capital markets by 2030, or $4 trillion–$5 trillion. However, panelists argued that legal and regulatory obstacles continue to slow adoption. Many called for a unified strategy to dismantle these barriers and establish a level playing field for innovation. Ripple’s established presence in the UK—including its London hub and academic initiatives—demonstrates ongoing investment in the country’s digital asset ecosystem. In a closing appeal for progress, Ripple stated:

This will require greater pace and progress on the cryptoasset and stablecoin regulatory regime and other barriers to adoption of digital assets. We look forward to collaborating with industry, regulators and digital asset policymakers to support this vital work.

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