Ripple is known around the globe for its usage of blockchain technology in the financial market. Over the years, the regulatory progress has been on the rise. But, it’s obvious that challenges lie ahead. Regarding this issue, experts and leaders in blockchain and digital asset regulation came together. These experts met at the Ripple headquarters to design possible solutions.
The crew consists of Kevin Werbach, Valeria Bystrowicz, Sarah Hody and Claire Kart. Ripple’s Head of Community, Claire was the moderator. Claire initiated the conversation with a popular quote:
It’s better to beg for forgiveness than to ask for permission.
But, she corrected this ideology, saying it’s a misguided approach. According to Claire, it will most likely offer short-term rewards. But, it doesn’t bring about long-term industry growth and technological advancement.
Working environment very crucial
Claire, lauded the importance of maintaining a good relationship with the government and policy makers. To her, this will create good working environment. Eventually, this environment spurs innovation characterized with consumer trust and regulatory clarity.
Founder of Supernova Group, Werbach, spoke on the aspect of consumer trust. Any ascribed value must have real outcomes backing it, he said. He also spoke about the lack of some killer app that are essential in spurring mass adoption and the understanding of blockchain value. This has also made them a minority as industry insiders.
Due to this issue, the panelists had to sought means of possible innovation. As this helps in moving the market forward. They ended up seeing regulatory clarity as a possible solution. Hody shared how she encourages her customers to settle with regulators as early as possible. The panelists acknowledge the idea, as it is quite successful in other emerging markets.
Bystrowicz also pointed to an agreeable fact. He also noted that, policymakers carry out the regulations. This reduces payment pain points. Countries like Thailand, Singapore and the Philippines are focusing on how the technology is applicable. They do this by forming policies that applies to specific activities.
The meeting really showed the importance of an enabling working environment for blockchain and digital assets growth. Working hand-in-hand with the government cannot be overemphasized. It plays a crucial role in regulatory clarity and building trust.