Ripple Joins Forces With European FinTech for Game-Changing Axiology Project, Leveraging XRP Blockchain

Europe has taken various steps to harness the promise of blockchain technology in an effort to counter fraud and money laundering. To complement the new Markets in Crypto Assets (MiCA) law, the European Commission has released a complete Digital Financial Package.

This legislation is geared at easing international money transfers and speeding up settlement periods for transactions using digital currencies and those issued by central banks. Included in this bundle is the Distributed Ledger Technology (DLT) Pilot Regime that has been suggested.

The DLT Pilot Regime is a novel strategy by the EU Commission to create a regulated setting for market infrastructures dealing with digital assets, as stated in a blog post by the American FinTech company Ripple on July 20, 2023. For the purpose of familiarising themselves with distributed ledger technology, regulators may make use of this “sandbox,” which provides temporary relief from the application of current regulations. In addition to giving businesses a chance to test and improve upon current regulations, the project hopes to strengthen protections for investors, market integrity, and financial stability.

The goal of the initiative is to boost regulators‘ confidence in the safety of digital assets by testing and issuing digital assets like CBDCs and stablecoins. With Axiology, several layers of the existing capital market infrastructures may coexist on a single technological layer, resulting in synergies, streamlined processes, and novel business models.

Ripple claims that the Axiology project, which was developed on the XRP Ledger, is further evidence of the company’s dedication to fostering innovation and promoting the widespread use of blockchain technology across the financial services sector.

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