"US feels a bit stubborn, he likes to study with other countries."
Stuart Alderoty, Ripple's Chief Legal Officer (CLO) advised the United States (US) to learn from Singapore and other countries that have successfully designed a simple and clear regulatory framework for the cryptocurrency market.
This is because the US is more interested in focusing on politics than on solid policies, commented Alderoty, adding that the situation does not occur in regions such as Singapore, the United Kingdom (UK), Europe and Dubai which are growing in digital asset innovation.
He has voiced his concern after Ripple obtained a Primary Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) in early October 2023, and this means it can legally offer digital payment token services in the country.
Following the license, many crypto-based entities are trying to move their business outside the US because there are regulators like the CFTC and the Securities and Exchange Commission (SEC) who are always looking to fail digital asset firms through harsh legal action.
For example, Coinbase and Binance were charged with violating federal securities laws by the SEC in June 2023 while Kraken was forced to reach a $30 million settlement with the regulator earlier this year.
However, Singapore's adoption of crypto-based firms has gained global recognition for its contribution towards pioneering digital asset regulation and making it easier for businesses or financial institutions to use digital assets.
Of note, some of the use cases for these digital assets have spanned cross-border payments, cryptocurrencies and Central Bank Digital Currencies (CBDCs).
