Bakkt is considering expanding its business in Europe as the local regulatory framework strengthens. This was stated by the director of product of the institutional platform Dan O’Prey in an interview with Cointelegraph.
He praised the bill adopted on April 20 to regulate the crypto asset market (MiCA).
“Any form of clarity is generally good. […] At least people know where they are, know how they can work, and are confident that they are complying. This allows companies and institutions to dive into the crypto industry,” explained O’Prey.
In his opinion, regions that provide clear regulation for digital assets “receive a large influx of talent, capital and jobs.”
Bakkt currently only provides services within the United States. The top manager specified that the company is “working with some partners” to identify potential jurisdictions for expansion.
O’Prey also added that “a good deal of mainstream institutional interest” is focused on bitcoin, despite the fallout from the FTX crash.
Speaking about the first cryptocurrency, he stated that the asset benefited from the lack of an appropriate legal framework in the United States, since regulators had previously established the status of a commodity for it.
However, this legal provision has become a “significant hurdle” for Bitcoin adoption in the US, O’Prey said.
Recall that in March, Circle, the co-issuer of the stablecoin USD Coin, applied in France for local licenses for a digital asset service provider and an electronic money institution.
Later, Coinbase CEO Brian Armstrong announced the possible withdrawal of the crypto exchange from the US market. One of the possible hubs for the platform could be the UAE.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Bakkt is considering expanding its business in Europe as the local regulatory framework strengthens. This was stated by the director of product of the institutional platform Dan O’Prey in an interview with Cointelegraph.
He praised the bill adopted on April 20 to regulate the crypto asset market (MiCA).
“Any form of clarity is generally good. […] At least people know where they are, know how they can work, and are confident that they are complying. This allows companies and institutions to dive into the crypto industry,” explained O’Prey.
In his opinion, regions that provide clear regulation for digital assets “receive a large influx of talent, capital and jobs.”
Bakkt currently only provides services within the United States. The top manager specified that the company is “working with some partners” to identify potential jurisdictions for expansion.
O’Prey also added that “a good deal of mainstream institutional interest” is focused on bitcoin, despite the fallout from the FTX crash.
Speaking about the first cryptocurrency, he stated that the asset benefited from the lack of an appropriate legal framework in the United States, since regulators had previously established the status of a commodity for it.
However, this legal provision has become a “significant hurdle” for Bitcoin adoption in the US, O’Prey said.
Recall that in March, Circle, the co-issuer of the stablecoin USD Coin, applied in France for local licenses for a digital asset service provider and an electronic money institution.
Later, Coinbase CEO Brian Armstrong announced the possible withdrawal of the crypto exchange from the US market. One of the possible hubs for the platform could be the UAE.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
