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Ripple. the Blockchain -based Payments Company back Xrp (Crypto: Xrp), raises new concerns about the UK's sluggish approach to crypto regulation, arguing that it is leaving British banks unwilling to engage with digital assets.
What happened: At a policy summit held in London, Cassie CraddockRipple Managing Director for the UK and Europe said the country's banking institutions remain hesitant to adopt Ripple services due to eerie uncertainty over crypto laws.
“It is still difficult to access basic banking services because of this uncertainty,” she sayAdding that large banks continue to keep their distance.
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Craddock recalled being dismissed by large banks during earlier efforts to introduce Ripple solutions. “Back in 2017, financial institutions would hear us out and then never return our calls,” he said.
Although the conditions have since improved in the EU, where banks are increasingly embracing digital asset services under the new markets in crypto-assets regulation (MICA), the UK has made less progress.
While the new Labor government is under the Prime Minister Keir Starmer Having restarted work on a regulatory framework, Ripple says the speed remains too slow.
“We need clarity sooner rather than later if we are to benefit from the pro-Crypto stance we see in the US,” Craddock told DL News, referring to recent policy shifts Under the administration of President Trump.
Ripple says its expansion in Europe has accelerated thanks to clearer regulation across the block.
According to Craddock, banks on the continent are now facing clients' demand for digital asset services – leading them to look for platforms like Ripple.
In contrast, UK organizations are holding back due to a lack of confidence in the regulatory environment.
“They don't feel safe enough to get involved,” he said.
While large banks are hesitant, Ripple is finding more interest among smaller fintechs and initial businesses in the UK trying to exceed its cross -border payment equipment.
See also: This platform re -draws how you invest in private companies – And you can be involved for $ 0.18 per share.
Why it is important: The company is increasingly moving its hire strategy to focus on the United States.