As Ripple XRP is emerging as one of the strongest cryptocurrencies, its foray into the new market of EU with an organized system will improve the allied sectors. Exchange App Development, being integrated with cryptos, will definitely hit a hike. Ripple recently collaborated with NEM, the Distributed Ledger Company, to create a new association called “Blockchain for Europe”. The two companies are aggressive to move ahead in the European market with a vision to unify the blockchain ecosystem in the continent.
With this, blockchain technology is set to gain a strong ground across European Union. After the US and the South Americas, regulators in the EU finally took the side of Blockchain and Cryptocurrency. Ripple’s move is after Cryptos received a positive response in the recently concluded G20 Summit. Although the roadmap of the partnership was created before, developments in G20 reinforced Ripple’s idea of Blockchain for Europe Association.
EU Blockchain Association is formed as the unified platform for all blockchain based players in the European Union. Ripple and NEM announced that the foundation will safeguard the interest of blockchain and cryptocurrency business. Apart from regulating, the association also promises to promote Blockchain and Distributed Ledger Technology. Per Dan Morgan, Ripple’s head of regulatory relations, Policymakers in Europe should “capture the benefits of both digital assets and blockchain technology”. Furthermore, this is the right time to get into the business and develop an appropriate regulatory framework. Blockchain for EU is setting the undertone for the same.
Ripple and NEM will certainly seek the advantages for Blockchain Industry from the perspective of enterprises. However, there is a strong need to safeguard the interests of consumers as well. Blockchain for EU will work as the combined platform for regulators as well as the industry players to bring out the best in both demand and supply sides. The association will push forward the agenda of a legal framework, keeping a balance between the expectations of buyers and that of enterprises.
A regulatory framework will increase the confidence of consumers on cryptocurrencies. There are no probabilities of fraud and scams in a regulated market. The latest progress in the EU and the headway of Ripple and NEM will impact several businesses in the Industry. Exchange App Development will become a prominent trend as a result of upcoming regulations. There are two major reasons for this:
Read About: Cryptocurrency Exchange as Public Utility.
Upcoming regulations will bring more crypto-exchanges based in EU. More exchanges will arrive in the market as the demand for cryptos will be higher. However, such enterprises should follow innovative traits to offer attractive options to consumers. Also, offering incentives and better profit to the consumer will become a trend to gain an edge in the competitive market. Cryptocurrency Exchange App Development is to gain better traction in the European IT landscape as a result of the improving system.