Rahul Advani, Ripple Labs Inc Policy Director is the latest to give his prediction for crypto in the coming year. Advani expects that tokenization will trigger a boost in regulation within the Asia Pacific region popularly referred to as APAC.
APAC Region to Focus on Crypto Regulation
The Policy Head was clear about his thoughts on tokenization for 2024. He stated that an increased interest in tokenization will make regulation in Decentralized Applications (DApps) all the more a priority in the region. The growing interest in tokenization is already evident in the crypto industry with several crypto projects adopting the technology.
Earlier this week, Iota inked a strategic partnership with Fireblocks to revolutionize asset tokenization. Precisely, the move integrates Iota’s Shimmer Ethereum Virtual Machine (EVM), a chain compatible with Fireblocks’ robust infrastructure. The UK also embraced fund tokenization recently.
Furthermore, Advani pointed out that regulators in APAC were significantly focused on improving crypto regulation in 2023. These regulators put in major efforts in providing regulatory clarity for the digital asset sector.
Most of the implemented guidelines were geared towards customer protection as well as safeguarding retail investors. These APAC regulators also tried to maintain market integrity and ensure that businesses meet up with the general market conduct requirements. As the new year comes, Advani is hopeful that this initiative will continue but with more focus on retail protection.
Stablecoins are core digital assets that require a robust regulatory framework, especially because a high degree of their value stability needs to be enforced. Some regions already have their hands busy with drafting stablecoin regulation while others have signed the legislation into law. Still on regulation, the Ripple Labs Executive has a higher expectation from jurisdictions in the APAC region.
Advani looks forward to every jurisdiction in the region providing the needed regulatory clarity that supports innovative projects while also upholding customer protection.
1/ The focus from regulators in the APAC region for 2023 has been on working toward regulatory clarity for crypto by implementing guidelines with considerations around consumer protection and retail investor safeguards, market integrity, and business conduct requirements. We…
— Ripple (@Ripple) December 19, 2023
Ripple Labs Executives and 2024 Forecasts
In recent times, there has been less talk about Central Bank Digital Currencies (CBDCs) probably because of the focus on spot Bitcoin Exchange Traded Fund (ETF). However, the Ripple Labs executive hopes to see more focused efforts driven towards the development and implementation of these national digital currencies.
Advani’s prediction is only one of the series of forecasts from Ripple executives. Monica Long, Ripple’s President predicted an end to the “speculative hype cycles” that have defined the booms and busts for the industry since Bitcoin’s (BTC) invention. Ripple’s CLO Stuart Alderoty was more n the outlook of Ripple’s lawsuit with the SEC, and other Policy and US crypto regulation matters.
- Ripple Labs
