In a recent video interview with Bloomberg, Brad Garlinghouse, the Chief Executive Officer of the leading blockchain remittance company Ripple, spoke about the predictions regarding the regulatory framework in the FinTech industry. He talked about some of the most significant factors that would change the mindset of institutional investors to lean towards digital assets market.
He began by stating that institutional investors and big companies require assurance on the matter and that can be delivered through a global framework. Subsequently, he mentioned some of the countries that have begun to march forward and become progressive in the area, to provide regulatory clarity. For instance, the Monetary Authority of Singapore [MAS] has taken up leadership whereas Thailand, the Phillippines and Japan are also ahead in the game.
The Ripple chief also cited the United States and mentioned that the nation lacks clarity over regulatory frameworks. In particular, he mentioned that while the Securities and Exchange Commission [SEC] is working on the regulations, the progress is relatively slow and requires a lot more work. In his words:
“Even in the United States, there’s some lack of clarity, particularly around the SEC and something they announced regarding ICOs. But there’s still work to be done on that. And I think until that clarity is there, it’s hard for companies to invest in a big way.”
Regarding the predictions for 2018, Garlinghouse opined that the digital asset class and FinTech has been an underachiever, as the fourth quarter of the year is already here. Furthermore, the leader expected more institutional participation by this time of the year.
However, the regulatory uncertainty is a major cause that let down the progress of digital assets within the industry, he implied. Custody solutions and security could also be the reasons for the mentioned underachievement of the crypto-assets in terms of institutional adoption and usage.
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