Ripple’s Sandy Yang: “In 2023, the crypto industry is in for a lot of positive things”

The managing director of the European division of Ripple Labs shared her assumptions about what awaits the cryptocurrency industry in the new 2023. Sendi Young published a series of tweets, where she noted that the past 2022 was not an easy year for an industry that has experienced ups and downs. Despite the market downturn, Yang is confident that the adoption of blockchain and digital assets will accelerate among institutional investors as financial corporations launch more blockchain pilot projects and continue to explore the possibilities of the latest technologies. Yang predicts industry consolidation will intensify as stronger crypto companies make acquisitions to “fill in the gaps” in their capabilities following the collapse of the FTX exchange, as well as the bankruptcy of crypto lenders Celsius, Voyager and Three Arrows Capital. In addition, there will be an increasing trend of blockchain and cryptocurrency firms being acquired by traditional financial giants and established companies from other sectors of the economy, Yang writes. The top manager of Ripple Labs believes that in the coming year, much attention will be paid to the use of solutions based on less energy-intensive blockchains, in particular, platforms for the tokenization of carbon credits. Yang is also confident that central bank digital currencies will “come of age” in 2023.. Many countries have been testing government stablecoins for a long time and are preparing for their full launch.. In addition, the collapse of FTX once again underlined the need to create a reliable digital asset for settlements as a safe alternative to cryptocurrencies.. Therefore, Yang suggested, in addition to central bank digital currencies, fiat-backed stablecoins will be in high demand in 2023, as many institutions seek real-time payments and settlements. In addition, Young believes that there will be clearer rules for regulating cryptocurrencies in the UK and Europe.. Following the entry into force of the UK Financial Services and Markets Act, regulators will develop regulatory standards for crypto assets to ensure the development of this sector. As for Europe, lawmakers will develop rules for crypto companies without waiting for the European Union Cryptocurrency Regulation Bill (MiCA) to come into force, Yang argues. However, not all European crypto companies remain optimistic about MiCA. According to a 2021 INATBA survey, the majority of cryptocurrency firm executives believe that MiCA will hinder innovation but reduce digital asset fraud.