Ripple Joins Bitcoin and Ethereum In Gaining Regulatory Clarity in the UK
While regulatory uncertainty permeates the crypto industry currently due to the , in the UK, Ripple (XRP) has gained sudden clarity alongside and .
According to new classifications revealed by the Financial Conduct Authority, joins the other two most dominant crypto assets on the market, in being classified as an exchange or utility token instead of the more damning security token classification.
XRP Classified As Exchange or Utility Token By Financial Conduct Authority
Ripple’s Global Head of Government Relations Michelle Bond recently revealed news that the UK’s financial market conduct regulator the Financial Conduct Authority, has classified Ripple as an exchange or utility token in its , removing the possibility of being labeled a security token. Being labeled a security token could come with additional scrutiny.
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The report compares Ripple to Ethereum most closely, saying that “XRP has similar features,” such as being used as a “means of ‘payment’ (exchange token)” or to “run applications (utility token).