Ripple (XRP) called on the UK Government!

Ripple executives are urging the UK government to accelerate cryptocurrency regulations, warning that delays could leave the country behind the European Union and America in the rapidly growing digital asset sector.

At the Ripple London Policy Summit held this week, Ripple's European Policy Director Matthew Osborne emphasized the importance of new laws to position the UK as a leading hub for blockchain innovation. Highlighting the financial sector's significant contribution of £208 billion to the UK economy in 2023, Osborne expressed the urgency of regulatory clarity.

Osborne said, "Time is very important to show that the United Kingdom is open for business," and added: "The United Kingdom has fallen behind other major countries."

The call to action came amid significant regulatory developments worldwide. The EU is implementing the Crypto Asset Markets (MiCA) regulation designed to govern the sector, while in America, it was observed that President Donald Trump's administration has eased crypto regulations.

Meanwhile, the U.S. Congress is reviewing a Republican-backed stablecoin proposal that some critics believe favors crypto executives supporting Trump's election campaign.

Despite concerns about the slow progress of regulations, Ripple insists that it does not advocate for a lack of oversight. Osborne stated, "In fact, we need regulation for the industry. We are not asking for deregulation."

However, it warned against simply adopting the EU's MiCA framework, arguing that it imposes a "very comprehensive, detailed, and burdensome regulatory framework" that could deter international firms from operating in the United Kingdom.