Ripple exec reiterates need for tech-neutral crypto regulations

cointelegraph.com:

A Ripple executive has re-emphasized the need to adopt a technology-neutral approach for more effective and adaptable guardrails as global regulators grapple with cryptocurrency rules.

At the recent Ripple Swell 2023 event, Navin Gupta, managing director of South Asia, Middle East and North Africa at Ripple, told Cointelegraph that the industry should be regulated based on activity rather than the technology used. He said:

“[If] somebody is doing payments, then it needs to be regulated as a payment instrument. If something is a security, it needs to be regulated as a security instrument,” he added.

Intention turns into action, and action turns into building, collaboration and partnerships. @Navinblockchain shares how #RippleSwell in Dubai brings people together to drive crypto innovation. pic.twitter.com/qS7AiWMJMV

For Gupta, the focus should be on the purpose and use of the virtual asset rather than the underlying technology to create flexible regulations, ensuring that they remain relevant as blockchain technology evolves.

Related: Brad Garlinghouse jabs at maximalists: ‘It will be a multichain world’

The unique characteristics and global portability of cryptocurrencies — with their different token types — have proved challenging for regulators. In response, the Group of Twenty, or G20, unanimously accepted a crypto regulatory roadmap in October, which the International Monetary Fund and the Financial Stability Board proposed in September. It advocates for comprehensive oversight of crypto globally.

But while the Middle East and North Africa region has jurisdictions such as the United Arab Emirates that have taken an open stance toward the new asset class, some nations, including the Arab superpower Saudi Arabia, have