Ripple could move to Japan or Singapore if it leaves the US, says CEO
October 22, 2020, 3:25AM EDT
1 min read
Ripple could shift its headquarters to Japan or Singapore if it leaves the U.S. amid regulatory ambiguity, CEO Brad Garlinghouse has said.
Garlinghouse told Bloomberg that Switzerland, the U.K., and the United Arab Emirates are also on the list of likely new destinations as all these countries have a clear crypto regulatory framework in place.
The U.S., on the other hand, has different opinions on whether cryptocurrencies are a commodity, a currency, a property, or a security, said Garlinghouse.
Ripple has been in an ongoing legal fight with investors who allege that the company violated U.S. state and federal securities laws by selling XRP. The firm maintains that although it owns a large amount of XRP, the network used to settle XRP transactions is decentralized.
Ripple already has an active presence in Japan via its partner SBI, a major financial services group in the country. The two companies have a joint venture — SBI Ripple Asia — to provide blockchain-based payment services to financial institutions in the region.
“Japan is one of our fastest-growing markets, in part because we have key partners like SBI,” said Garlinghouse. “I have spoken to the SBI team about the fact we are looking at” the country as a potential new location, he said.
Earlier this month, Ripple co-founder Chris Larsen said the company could move to the U.K. or Singapore.