Ripple aims to expand globally through the gateway to Thailand and Abu Dhabi
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Answer Ripple aims to expand globally through the gateway to Thailand and Abu Dhabi
Ripple released its second blog in a three-part series titled “The Case for Digital Asset Regulation” this week.
Here, a FinTech scenario will be developed in the ASEAN region, especially Thailand. Events and approaches taking place in the Middle East, and more specifically in Abu Dhabi, were also discussed.
In the first part of the series, Ripple explained the topics related to Mt Gox hacking and the development of the crypto space in Japan through the country’s regulatory approach. In the most recent sample, the company conducted a similar exploration, but in “Thailand” and “Abu Dhabi”.
Regarding Thailand’s journey to form a regulatory framework for digital assets, Ripple stated that the country initially chose to ban traditional banks from offering their services to platforms that deal with digital assets.Read:Circle is preparing to acquire a web 3 infrastructure platform in Taiwan…Details here
However, the Bank of Thailand (BoT), which is Thailand’s central banking authority, soon realized that the asset class in question was imperative to its goal of emerging as a fintech hub in the ASEAN region. Hence, the supreme financial authority has turned to more progressive ways of dealing with the situation by establishing regulations that will drive innovation and encourage investment in the field.
Subsequently, Ripple identified Abu Dhabi Global Markets (ADGM)’s attempt to become a dominant figure in the financial technology revolution in the Middle East. ADGM stands for Abu Dhabi Global Market and is an international financial center similar to the (BoT) that has formed the regulatory framework for the digital asset class. The main reason behind ADGM’s move was to strengthen and grow the Middle East’s digital asset hub for the fintech industry.
It was also noted in the blog that “Thailand” has approached digital currencies and assets to protect the interests of investors and has moved steadily towards strengthening the asset class. On the other hand, the financial center in “Abu Dhabi” skipped the admission steps and is now on the path of establishment and promotion.Read:Find out how much LUNA has been destroyed since the burning title was published
A Twitter account called “London Crypto Services Ltd” posted the article and commented on Ripple’s post saying: “Ripple’s momentum is spreading fast!” Another user called “Rémi Férat” referred to this as encouraging the ecosystem by saying, “Go on, Ripple!”
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