Ripple founder identifies UK as future hotbed for cryptocurrency business
Chris Larsen, co-founder of Ripple, has repeatedly criticized the way America regulates cryptocurrencies. Ripple itself has faced a lot of headwinds and has been embroiled in a legal battle for years as XRP has been accused of being illegally sold as a security. Larsen has recently referred to the UK as “Europe’s Silicon Valley”.
Larsen expects that the United Kingdom will develop in the coming years into a center for technological and financial innovation, similar to Silicon Valley in America, where the largest technology companies in the world are located. Ripple is considering expanding to London due to the city’s progressive stance on fintech and cryptocurrencies. Susan Friedman, head of policy at Ripple, praised the UK government’s proactive approach. According to her, the initiatives surrounding central bank digital currencies (CBDCs) and the Bank of England’s participation in the digital pound project are important developments.
English politicians announce cryptocurrency plans
The drive to become the next global technology hub is also shared by many UK political figures, including Chancellor James Hunt. Hunt has one Plan It has been developed as it sees the country becoming the ultimate location for technology and financial companies, with the aim of becoming Europe’s largest economy.
The consultant presented his vision for the major players in the sector, such as Apple, Google and Meta (formerly Facebook). To attract investment, Hunt also proposed promoting tax cuts in the context of entrepreneurship.
Ripple’s CEO is also speaking out
Recently, Ripple CEO Brad Garlinghouse expressed concern about restrictive US regulations for blockchain and cryptocurrency startups. During a panel discussion in Singapore, he highlighted the strict approach taken by the US Securities and Exchange Commission (SEC) and advised aspiring cryptocurrency entrepreneurs to consider alternative locations such as Singapore, Switzerland, UAE and the UK for their ventures.
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