Ripple Heads to Japan for RLUSD Launch Amid Regulatory Challenges in the US
Cryptocurrency leader Ripple is facing ongoing regulatory challenges in the US that have delayed the launch of its new stablecoin Ripple-USD (RLUSD).
After announcing its intention in April, the company cited regulatory restrictions and lack of approvals in the US as the reason for the multiple delays.
The company’s CEO, Brad Garlinghouse, highlighted this ongoing challenge, repeatedly stating that a lack of regulatory clarity has slowed the pace of progress.
Despite the company’s attempts to comply with regulations, including its acquisition of Standard Custody to strengthen its regulatory position, key approvals from regulators, such as the New York Department of Financial Services (NYDFS), have yet to be granted.
Heading to Japan:
As a result of these regulatory challenges in the US, Ripple has begun to set its sights on Japan, which has a clearer and more flexible regulatory system for cryptocurrencies.
Recently, the Japanese Financial Services Agency has issued favorable regulations for stablecoins, making Japan an attractive option for Ripple’s expansion strategies.
