Japan's Financial Services Agency (FSA), the country's securities regulator, stated that it views XRP as a cryptocurrency and not as a security in an interview with The Block.

The U.S. Securities and Exchange Commission has recently filed a lawsuit against Ripple alleging the company sold unregistered securities. Ripple's defense that unclear regulation surrounding the crypto industry left them vulnerable to this lawsuit and that they had followed the law to the best of their ability.

Ripple CEO Brad Garlinghouse has since stated that the company may move operations from the United States because of the regulatory uncertainty.

By Emily Mason