Ripple wants to create a regulated space for the finance world, claims company official

Ripple has been at the forefront of partnerships and tie-ups over the past year and that as put on display when the organization revealed that they had over 200 partners in their cap at the start of this year. That number has only increased over time, and the company has taken steps and measures to ensure that they comply with all regulations in the space, primarily when they concern the global financial ecosystem.

At a recent forum, Michelle Bond, the Global Head of Government Relations at Ripple, spoke about the measures taken by the organization to ensure that all processes are legitimate as well as the nitty-gritty in the AML requirements.

Bond stated:

“We have been operating since 2012 and have spread our functionalities all across the globe. WE have actively engaged with over 50 governments while complying with their individual AML rules and other requirements. A lot of people have this perception that blockchain is unregulated but Ripple wants to assure everyone that the technology goes through the strictest scrutiny.”

The Ripple official claimed that the company is directly related to licenses from the NYDFS and other regulatory bodies. Bond added that since Ripple is not customer facing, they are directly answerable to the authorities. According to her:

“We operate within all regulatory frameworks and understand that there are a host of AML requirements that we need to comply to before customers can utilize the full benefits of a payments system on the blockchain. When a customer or institution uses RippleNet or the ODL, those customers conducts a due diligence to the company.”

In a time where fraudsters and malpractices in the digital assets space abound, Ripple has gone ahead to inform all users that the ecosystem will be watched over properly. The Global Head of Government Relations went on to say that Ripple makes all customers sign licensing agreements so that they maintain best practices in the space.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.