The international regulatory environment for cryptocurrencies is improving and the company is planning retail expansion on the continent, said Dan O’Prey, Bakkt’s chief product officer. Overall, O’Prey saw positive long-term trends.
Speaking to Cointelegraph US News Editor Sam Bourgi at Bitcoin 2023, O’Prey described how Bakkt has prioritized its role as a “B2B2C” company for the past two years. As such, “a significant portion of major institutional interest” has focused on Bitcoin (BTC), despite the aftermath of cryptocurrency exchange FTX’s collapse. He said:
“We’ve seen a lot of fallout and issues with companies, practices, and coins in this space over the last year that I think have dragged bitcoin into the abyss, albeit unrelated to bitcoin.”
Bitcoin has benefited from the lack of regulatory clarity in the United States compared to other cryptocurrencies as its status as a commodity has been determined by regulators. Still, the lack of regulatory clarity in the US for cryptocurrencies in general has been “definitely the biggest hurdle” to Bitcoin adoption, says O’Prey.
“For the last three or four years, doing it right has slowed things down a bit, but we’re in a much stronger position now and recent events have really highlighted the need for those practices.”
Bakkt’s retail platform for embedded trades, payouts and rewards is only active in the US, however Bakkt plans to expand its retail operations internationally. According to the blockchain executive, the company is “working with some of our partners to identify jurisdictions where they may already be trading stocks or want to add cryptocurrencies or already have a presence.”
O’Prey praised the recently adopted regulations for crypto asset markets in the European Union: “Any form of clarity is generally good. […] At least people know where they stand, how to proceed and how to comply, and that allows companies and institutions to get involved in this space,” he said, adding that regions that need regulatory clarity for Create crypto, “get it.” Lots of inflow of talent, of capital [and] of jobs.”
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