Ripple welcomes MiCA regulation as US lawsuit highlights lack of clarity

cointelegraph.com:

Cryptocurrency payments service Ripple (XRP) continues to see global adoption of its payment services despite a long-winded legal battle with the United States Securities and Exchange Commission over its XRP token.

Cointelegraph sat down for a wide-ranging interview with Ripple’s UK and European Union managing director Sendi Young at Money 20/20 in Amsterdam, unpacking the firm’s growing remit across the world regardless of regulatory scrutiny in the U.S.

Cryptocurrency exchanges and businesses have been at odds with U.S. regulators over the past year, criticizing a lack of regulatory frameworks that threaten to stifle innovation and adoption of blockchain-based services, systems and cryptocurrencies.

Meanwhile the European Union is well on its way to instituting a raft of requirements and standards for the cryptocurrency industry across the continent after the long-awaited Markets in Crypto-Assets (MiCA) legislation was signed into law on May 31.

The contrast between regulatory standpoints in the U.S. and Europe is stark as Young told Cointelegraph, highlighting Ripple’s business growth outside of America which is in part due to progressive regulatory oversight in different markets:

Young added that Ripple continues to foster private public partnerships and open dialogue with regulators and policymakers, with both parties educating each other as the industry develops:

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In a European context, Young believes that the MiCA regulatory framework will facilitate the creation of a ‘level playing field’ that fosters healthy competition and innovation in the cryptocurrency space while driving adoption among traditional finance players.

Young highlighted