APAC Region to Prioritize Crypto Regulation
Rahul Advani, Policy Director at Ripple Labs Inc, has made his prediction for the cryptocurrency industry in the upcoming year. Advani believes that tokenization will lead to an increase in regulation within the Asia Pacific region (APAC).
According to Advani, the growing interest in tokenization has already been observed in the crypto industry, with numerous projects adopting this technology. To support this claim, he mentions Iota’s strategic partnership with Fireblocks to revolutionize asset tokenization and the UK’s recent embrace of fund tokenization.
Furthermore, Advani highlights that regulators in APAC have been focused on improving crypto regulation throughout 2023. These efforts have primarily aimed at customer protection, safeguarding retail investors, maintaining market integrity, and ensuring compliance with general market conduct requirements.
Advani hopes that in 2024, regulators in the APAC region will continue their initiatives with a stronger emphasis on retail protection.
Ripple Labs Executives’ 2024 Forecasts
In addition to Advani’s prediction, other Ripple Labs executives have also shared their forecasts for 2024. Monica Long, President of Ripple, predicts an end to the “speculative hype cycles” that have characterized the cryptocurrency industry since Bitcoin’s invention.
Ripple’s Chief Legal Officer Stuart Alderoty is more focused on the outcome of Ripple’s lawsuit with the SEC and other policy and US crypto regulation matters.
Hot Take: APAC Prepares for Increased Crypto Regulation
Ripple Labs Inc Policy Director Rahul Advani expects that tokenization will drive a surge in regulation within the Asia Pacific region (APAC) in 2024. This comes as APAC regulators have already been dedicated to enhancing crypto regulation in 2023, with a focus on customer protection, retail investor safeguards, market integrity, and business conduct requirements.
Advani believes that this trend will continue into the new year, with a particular emphasis on retail protection. The APAC region is also expected to provide regulatory clarity for stablecoins and support innovative projects while ensuring customer protection. These predictions align with Ripple Labs’ executives’ overall outlook for 2024, which includes the anticipation of reduced speculative hype cycles and the resolution of legal matters.
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