Blockchain Company Ripple Considering Move to Singapore, Japan
(28 October 2020 – Singapore) San Francisco-based blockchain payments company Ripple is considering a move out of the United States to Japan and Singapore over a lack of regulatory clarity.
Currently, authorities in the Unites States remain divided on whether to treat cryptocurrencies as a commodity, currency, property or security.
Other potential destinations shortlisted include Switzerland, Britain and the United Arab Emirates. "The common denominator between all of them is that their governments have created a clarity about how they would regulate different digital assets, different cryptocurrencies," said Ripple chief executive Brad Garlinghouse.
"Japan is one of our fastest-growing markets, in part because we have key partners like SBI," said Garlinghouse. An “environment for a very healthy market to develop” has been created.
Southeast Asia is also an important market for the company, driven by the advent and growth of digital banking in the region. The firm's customers in the region include Siam Commercial Bank, CIMB and Nium.
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