A Japanese crypto investor Seth Lim, also known as XRP Whale, said XRP is not a security. His statement is based on Japanese new blockchain and crypto regulation, 2019.
The report which covers over 35 countries’ definition of cryptocurrency, states that virtual currency is not among the listed securities that are defined in the Financial Instruments and Exchange Act.
This report is titled “Blockchain & Cryptocurrency Regulation 2019.” It provides details of what should be regarded as a virtual currency in Japan.
The company, Global Legal, which provided this report captured the regulatory scenario from around the globe as it affects cryptocurrencies. It also gave details of legal issues bordering on blockchain and cryptocurrency.
Seth Lim’s View About XRP
Mr. Lim who runs the largest crypto exchange in Indonesia is known as XRP Whale because he controls a large chunk of the digital asset.
In 2011, Lim tried to hack bitcoin but discovered he couldn’t so he got interested and started mining bitcoin and Litecoin. In 2013 when he read XRP White Paper, he was captivated by the vision of bringing, the centralized and the decentralized world together.
He sold all his Litecoin for XRP in 2016 and 2017 when XRP was the best performing digital asset in the world. Since then he has been a big supporter of XRP.
What Boosts XRP Current Performance?
Lim, who is known for making categorical statements about XRP spoke during the largest blockchain event held in Japan last month. This event brought about the current regulation that XRP is not a security.
He said that historical report shows XRP price has always risen after bitcoin soars. But the reasons for XRP high performance since 2018 is that presently in New York, XRP can be purchased directly without exchanging it for bitcoin. It is now legal to buy XRP with US dollar. Institutional investors in New York can legally purchase XRP.
XRP new performance is a big attention to investors who expect a high return on investment.
What do you think about the present price of XRP, do you think it is going to continue this way?