Ripple Plans to Relocate to Japan Amid Unfavorable Regulations in the U.S.

Saturday 24 October 2020, 2:08 AM AEST - 1 month ago

Ripple is planning a Japan move due to poor U.S. regulations. Other considered locations include the UK, UAE, Singapore, and Switzerland.

Blockchain payment services company Ripple Labs Inc may relocate to Japan from the U.S. due to a lack of regulatory clarity. Apart from Japan, the company has also shortlisted some other countries for relocation. Notably, Japan is the most likely country that Ripple may move to if the blockchain firm leaves the U.S.

Ripple Eyes Japan as Potential Destination

According to a Bloomberg report, the relocation plan was revealed by Ripple CEO Brad Garlinghouse. The CEO also mentioned three other potential destinations for the blockchain firm. The other likely destinations include Switzerland, the United Arab Emirates, and the United Kingdom.

The CEO explained the reason for choosing the shortlisted countries:

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.

Garlinghouse also referred to the lack of regulatory clarity on cryptocurrencies in the U.S. He said that the U.S. government is yet to decide whether digital assets are commodities, currencies, properties, or securities.

Over time, Ripple has been in a legal battle with investors. The investors claimed that Ripple illegally issued XRP as a security.

Speaking further in another interview with Bloomberg Television, Garlinghouse expressed his desire for Ripple to remain in the US but with regulatory clarity. As noted by the CEO, regulatory clarity in the US will encourage the blockchain firm to invest and grow its business in the country.

Ripples Destination Preference

In addition, Garlinghouse revealed the reason behind shortlisting Japan as the most likely country for relocation. He said that the country has created an environment for a very healthy market to develop.

In 2017, Japan acknowledged cryptocurrency, with the country introducing a registration system for digital assets. At that time, 11 cryptocurrency exchanges initially registered and got ...

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