The UK government has referred to Ripple’s XRP as an exchange token and not a security. This was mentioned in a recently released report titled “UK regulatory approach to cryptoassets and stablecoins: Consultation and call for evidence.”
As stated in the report, XRP, Ether (ETH), and Bitcoin (BTC) are digital assets that are primarily used as means of exchange. As a result, the crypto assets are neither e-money nor security tokens.
In addition, the Treasury said:
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