Blockchain technology platform Bakkt looks toward Europe after MiCA
The international regulatory environment for cryptocurrency is improving, and the company is eyeing a retail expansion on the continent, Bakkt chief product officer Dan O’Prey said. On the whole, O’Prey saw positive long-term trends.
Speaking to Cointelegraph’s U.S. News Editor, Sam Bourgi, at Bitcoin 2023, O’Prey described Bakkt as prioritizing its role as a “B2B2C” company for the past two years. As such, it has seen “a significant portion of the major institutional interest” focused on Bitcoin (BTC), in spite of the aftermath of the collapse of cryptocurrency exchange FTX. He said:
Bitcoin has benefited from the lack of regulatory clarity in the United States relative to other cryptocurrencies, as its status as a commodity has been established by regulators. Nonetheless, lack of regulatory clarity in the U.S. for cryptocurrencies in general has been “definitely the most top-of-mind hurdle” for Bitcoin adoption, says O’Prey.
Bakkt’s retail platform for embedded trading, payouts and rewards operates only in the U.S., but Bakkt is planning to expand its retail activities internationally. According to the blockchain executive, the company is “working with some of our partners to identify jurisdictions that perhaps they already operate equities trading in or looking to add crypto or already have a presence.”
The hell is this. pic.twitter.com/MVguNYebUA
O’Prey praised the Markets in Crypto-Assets regulations that were recently passed in the European Union: “Any form of clarity is by and large good. […] At least people know where they stand, they know how they can operate and they know how they can comply, and that enables businesses and institutions to participate in the space," he said, adding that regions that provide
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