Yesterday, during the conference, the Singapore Fintech Festival CEO brad Ripple Arlinghaus (Brad Garlinghouse) said that Southeast Asia is a key region for the company. According to the entrepreneur, 50% of foreign clients of the Ripple are located on the territory of Southeast Asia, and the business has expanded considerably due to the Singapore branch for the year increased turnover by 200%. Arlinghaus also added that some countries in the region become an example of working with the cryptocurrency sector.
Arlinghaus stressed that the industry needs regulatory clarity, since the question of legality is a major factor in the penetration of blockchain technology and cryptocurrency. As an example, he cited the laws of Thailand. According to Garlinghouse, Thai authorities managed to achieve a perfect balance between “protecting consumers and [promoting] innovation” in legalizing some digital assets and giving foreign companies a clear and unambiguous regulation to work. The latter, noted Arlinghaus, facilitates the implementation of solutions to real problems faced by many businesses.
His partner in the panel discussion, Deputy General counsel of the International monetary Fund (IMF) LECO Ross (Ross Leckow), also emphasized the importance of smart regulation for the industry and national economies. As Arlinghaus, Leko stressed the progressive approach of the authorities of the countries of South-East Asia and the growth of the blockchain sector in the region. He explained that the IMF is trying to build a policy in relation to the FINTECH industry in this key:
“In addition to conducting research, the IMF cooperates closely with the private sector and industrial organisations. Last year we formed an Advisory group consisting of leaders from the private and public sectors to guide our future work in the field of financial technology […] We have also established, together with the world Bank, “the Bali program for FINTECH industry” — the first in-depth review of issues that governments need to keep in mind when forming the rules of financial technologies”.
Leko added that the IMF tries to maintain a “balanced position” and encourages international cooperation in the field of cryptocurrency law.
The appearance of photos from the venue of a panel discussion between Garlinghouse and Leko led to the emergence of rumors about a possible collaboration Ripple and the IMF. This is probably, among other news about the new partners of the company, was affected by yesterday’s increase in the value of XRP.