© Reuters Blockchain technology platform Bakkt targets Europe following MiCA
The international regulatory environment surrounding cryptocurrencies is improving and the company is considering a retail expansion into the old continent, said Dan O’Prey, chief product officer at Bakkt. By and large, O’Prey sees positive long-term trends.
Interviewed by Sam Bourgi, US News Editor of Cointelegraph, on the occasion of 2023, O’Prey illustrated how Bakkt has prioritized its role as a “B2B2C” company over the past two years. As such, he has seen “a significant portion of the large institutional interest” focused on Bitcoin (BTC), despite the aftermath of the collapse of cryptocurrency exchange FTX. He stated:
“Last year we have seen a lot of fallout and issues with companies, practices and coins in this space that have, in my view, dragged Bitcoin down, even if they had nothing to do with it.”
Bitcoin has benefited from a lack of regulatory clarity in the US compared to other cryptocurrencies, such as its commodity status has been established by regulators. However, the lack of regulatory clarity in the US for cryptocurrencies in general has been “arguably the biggest obstacle” to Bitcoin adoption, O’Prey says.
Read the full text on Cointelegraph