Bakkt, an American-regulated cryptocurrency platform for institutional investors, has become interested in entering the European market after the adoption of the MiCA cryptocurrency regulation law.
Bakkt Chief Product Officer Dan O’Pray said that Bakkt is positive about the long-term regulatory environment for cryptocurrencies.
The company has been working towards institutional investors for several years, even refusing to support the retail application. Bakkt sees institutional interest, and the improving regulatory environment, especially after the adoption of the MiCA, makes the company’s prospects in the European market quite rosy.
O’Prey noted that bitcoin has won in the US because it has a fixed commodity status, while other cryptocurrencies are in a state of uncertainty. However, the lack of regulatory transparency in the US for cryptocurrencies, in general, is one of the main stopping factors for Bitcoin adoption.
Currently, the Bakkt platform is only available to US customers, but the company is working on expanding its business, and after the adoption of MiCA in Europe, this market may become one of the highest priorities:
“Any form of regulatory certainty is good for cryptocurrencies. People understand their position, how to work with cryptocurrencies, and how to comply with the requirements of regulators. This allows companies and financial institutions to participate in the industry. Regulatory certainty attracts a huge number of people and capital to the sphere and creates vacancies.”
Bakkt recently announced that it was delisting a large number of tokens and cryptocurrencies from its platform as part of its withdrawal from retail customers.