The Treasury of the United Kingdom issued a report related to cryptocurrencies. There XRP is considered to be non-security. The script categorizes XRP, Ether, and BTC as forms of exchange. Not being either electronic money or security assets, they are not regulated.
Her Majesty's Treasury cited the concept of crypto assets the UK financial body gave in 2019. It says security assets are particular types of investments, such as shares or debt instruments.
Earlier, Ripple CEO Brad Garlinghouse talked about the UK taxing structure appreciating its simple methods.The Central Bank of England had worked with Ripple Labs for a long time. The Bank used Ripple’s solutions for its actual-time transfers.
After the SEC started legal actions against Ripple, the company had talked about moving its services to other states. Chris Larsen mentioned the UK, China, and other places offering a regulatory system for crypto. While the investigation continues, it remains to wait and see whether the UK approach will have any impact.