Ripple lists on major exchange KuCoin! Ripple's regulatory affairs head: "The Asian market is attractive" – what are the reasons?
KuCoin, a major cryptocurrency exchange based in Singapore, announced on its official SNS on December 3 that it will list XRP (Ripple).Ripple.
XRP (XRP) is now on KuCoin.
Special Offer:
Users will enjoy 99% off the trading fees on XRP trading pairs (XRP/BTC, XRP/USDT, XRP/ETH, XRP/PAX, XRP/TUSD, XRP/USDC, XRP/KCS and XRP/NEO) from Dec 3, 18:00 to Dec 10, 2018, 23:59 (UTC+8).
Details:news.kucoin.com/en/xrp-xrp-get…@Ripple
Overview of KuCoin XRP Trading Pairs Announcement
According to KuCoin's official announcement, XRP trading pairs are eight in total, and withdrawals, deposits, and trading orders have already started as of December 6.
- XRP/BTC
- XRP/ETH
- XRP/KCS (KuCoin's exchange token)
- XRP/NEO
- XRP/USDT (stablecoin※)
- XRP/PAX (stablecoin)
- XRP/TUSD (stablecoin)
- XRP/USDC (stablecoin)
※Stablecoinrefers to a cryptocurrency whose price is pegged to fiat currencies or other cryptocurrencies to reduce volatility.
They are gaining attention as cryptocurrencies that address the issue of high volatility in the crypto market.
Existing stablecoins includeGemini DollarandMaker, and in Japan GMO Coin has announced it will issue “GMO Japanese YEN” in 2019, making this a globally watched topic.
>>>Gemini, run by the Winklevoss twins, issues stablecoin Gemini Dollar (Gemini Dollar)!!!
>>>GMO announced it will issue a Japanese yen-pegged stablecoin “GMO Japanese YEN” in 2019!
Ripple: Asia is an Attractive Cryptocurrency Market—Reasons?
On November 30, at a blockchain conference in London, Dan Morgan, Ripple’s Europe Regulatory Counsel, spoke about interest in the Asia market and the reasons behind it.Dan Morgan.
Ripple’s interest in Asia and the reasons
Mr. Dan Morgan spoke about Ripple’s interest in the Asian market as follows.
“XRP is only just getting started, but we are paying the most attention to Asia.
It might be a transitional period because corr payments’ costs with correspondent banks are too high, causing insufficient services, but there is a demand for international remittance.
In terms of digital assets, most liquidity is in the Asian market.”
In other words, given that liquidity for digital assets is concentrated in Asia, Ripple's technology is best suited as a solution to the limitations of traditional international remittance methods (SWIFT).
Current State of Cryptocurrency Regulation in Asia
In addition to the above, another reason for Ripple’s interest in the Asian market is that many Asian countries have progressed with cryptocurrency-related legislation.
Let’s look at Japan and Singapore as examples.
Current status of cryptocurrency regulation in Japan
Surprisingly, Japan is known as one of the world’s leading countries in cryptocurrency regulation.
The amended Payment Services Act adds rules for “virtual currencies” such as Bitcoin and Ethereum to the existing framework that covered gift certificates and electronic money like Suica.
Because the law had not kept pace with crypto adoption, the amended act took effect on April 1, 2017 to reflect changes.
Under the amended act, operators that exchange virtual currencies with fiat currencies, i.e., so-called “virtual currency exchanges,” must obtain a license, making Japan a pioneer in legally defining the need for a license.
>>>A thorough guide: How to list tokens on a cryptocurrency exchange—listing criteria and requirements
Current state of cryptocurrency regulation in Singapore
Next is Singapore.
In November 2018, the Monetary Authority of Singapore (MAS), the country’s central bank, established new regulations for virtual currency payment services.
The Monetary Authority of Singapore announced on November 19 that a completed bill on the regulation of payment services including cryptocurrency has been submitted to Parliament.
This bill has also been submitted to Parliament.
Quotation:Coin Choice
The newly enacted bill requires that service providers obtain a license to operate, similar to Japan’s virtual currency exchange operator license, indicating Singapore’s commitment to crypto regulation.
This shows Singapore is actively developing its regulatory framework for cryptocurrencies.
Global Perspective on Asia's High Cryptocurrency Trading Volume
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