CEO Brad Garlinghouse said the headquarters of Ripple may withdraw from the US if there is ambiguous cryptocurrency regulation.
In an interview with Bloomberg recently, Garlinghouse said that he was planning to move Ripple's headquarters beyond the US borders.
“Japan or Singapore could be the home of Ripple's headquarters. In addition, countries like Switzerland, Great Britain and the United Arab Emirates are also on the list that Ripple is likely to move to, ”he said.
The countries on Ripple's list all have clear crypto regulatory frameworks.
On the other hand, the US has many different opinions about whether cryptocurrency is a commodity, currency, asset, or securities ... due to the lack of clarity in the US cryptocurrency regulations, Ripple want to move the head office out of here to ensure that there is no legal issue in the future.
Ripple has been involved in legal battles over time, with allegations that Ripple violated US state and federal securities laws by selling XRP.
Ripple asserts that even though it owns a large amount of XRP, the network used to settle XRP transactions is decentralized.
Ripple recently strengthened its presence in Japan by partnering with SBI (Japan's largest financial services conglomerate). Ripple and SBI have a joint venture, SBI Ripple Asia, which will provide blockchain-based payment services to financial institutions in the region.
"Japan is one of our fastest growing markets, in part because we have key partners like SBI," said Ripple CEO.
As the CEO revealed, "there is a very high possibility that Japan will be the home of Ripple's headquarters".
Meanwhile, according to a statement from Ripple co-founder Chris Larsen, “Ripple can move to the UK or Singapore as soon as possible”.
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