TOKYO • Ripple Labs has shortlisted Japan and Singapore as countries the blockchain payment services company could move to if it leaves the US owing to a lack of regulatory clarity, its top executive said.

Switzerland, Britain and the United Arab Emirates are also potential destinations, chief executive Brad Garlinghouse said in an interview. "The common denominator between all of them is that their governments have created a clarity about how they would regulate different digital assets, different cryptocurrencies," he said.

Speaking in a separate interview with Bloomberg Television, Mr Garlinghouse said the US authorities are unclear on the status of cryptocurrencies, with different opinions on whether they are a commodity, a currency, a property or a security.

"Regulation shouldn't be a guessing game," he said. "Ripple is definitely a proud US company and we'd like to stay in the US if that was possible. But we also need regulatory clarity in order for us to invest and grow the business."

Japan has been a contrast to the United States, creating an "environment for a very healthy market to develop", he said. The country introduced a registration system for cryptocurrency exchange operators in 2017 - a move widely seen as an official acknowledgement of digital coins as a financial asset.

Mr Garlinghouse highlighted Ripple's ties with Japanese financial conglomerate SBI Holdings, including their Tokyo-based joint venture offering global payment services driven by blockchain technology.

SBI chief executive Yoshitaka Kitao, known for his push to create a hub for international financial business in western Japan, joined Ripple's board last year.

Mr Garlinghouse said: "Japan is one of our fastest-growing markets, in part because we have key partners like SBI." He added: "I have spoken to the SBI team about the fact we are looking at (the country as a potential destination)."

Mr Garlinghouse said the pandemic has given a "tailwind" to cryptocurrency markets because central banks have been printing fiat currency, which is "inflationary on some level". A move away from cash is also helping, he said.

Ripple, a San Francisco-based company, offers payments and settlement services through the virtual currency known as XRP and other platforms.

BLOOMBERG