Brad Garlinghouse, the CEO of Ripple, recently appeared at the Singapore FinTech festival to speak about the regulatory atmosphere in the blockchain and cryptocurrency space. In a discussion with the International Monetary Fund’s Deputy General Counsel Ross Leckow, Garlinghouse spoke about the ASEAN markets and their role in Ripple’s plan for building the Internet of Value.
He began by saying that there are a “number of unique things” that occur in these countries that are worth calling out, such as the impact of regulatory clarity on driving the adoption of blockchain and digital asset technology. Quoting Singapore as the example, Garlinghouse stated that it is one country that has done a lot to be a “leader in this space”. He went on to explain how regulatory clarity has allowed the market to invest in the space. Garlinghouse elaborated:
“Thailand would be another country that we’ve seen that is expressly and explicitly legalized and endorsed digital assets including XRP. We’ve seen some of that same activity in the Philippines.”
He further stated that the first dynamic in regulation that has impacted the adoption of blockchain across markets in the Asian space is regulatory clarity, which still remains important. He stated that it was surprising to see how many markets have a lot of uncertainty, even as there are real use cases being seen and real problems or customers being solved. He stated:
“If we can have that regulatory certainty and I’m talking about Ripple but I’m also talking about for other companies in this space also the more quickly we can see adoption of those technologies.”
He further offered his opinions on the dynamics which might spur the adoption of blockchain technology and digital assets. Secondarily, he also spoke about how ASEAN countries have almost $130 billion in inbound remittances, which cause expensive fees for the everyday population. He went to say that the market is “ripe for adoption to take advantage of blockchain”. He added:
“That’s actually interesting to see unfold here in the Asian markets as in some ways the current and Swift-enabled correspondent banking is leaving some of the ASEAN markets behind. Banks have contracted the correspondent banking relationships. It’s made this ASEAN market I think a ripe market for adoption of blockchain technologies and digital assets. Ripple now sees 50 percent of all of our global customers here in the Asian markets, our Singapore office has grown dramatically about 200 percent last year.”
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