Bakkt chief product officer Dan Ouprey said the international regulatory environment for cryptocurrencies is improving and the company is looking to expand its retail presence on the African continent. Overall, O’Prey showed a positive long-term trend.
Speaking to Cointelegraph U.S. news editor Sam Burge at Bitcoin 2023, Oprey explained that Bakkt has prioritized its role as a “B2B2C” company over the past two years. As such, despite the aftermath of the collapse of crypto exchange FTX, a “significant portion of major institutional interest” has been found to be focused on Bitcoin (BTC). He said:
“Last year there were a lot of aftermaths and problems with companies, practices and coins in this space that I believe led to the decline of Bitcoin, even if they had nothing to do with Bitcoin. .”
Bitcoin has benefited from a lack of regulatory clarity in the US compared to other cryptocurrencies as its status as a commodity is established by regulators. Nevertheless, the lack of regulatory clarity for cryptocurrencies in general in the U.S. is “arguably the number one hurdle” to Bitcoin adoption, Oprey said.
“Over the last three or four years we’ve fallen a little behind in doing things right, but now we’re in a much stronger position and recent events have really highlighted the need for those practices. .”
Bakkt’s embedded retail platform for transactions, payments and rewards operates only in the United States, but Bakkt plans to expand its retail activities internationally. According to blockchain executives, the company is “working with some partners to identify jurisdictions that may already be trading stocks, are considering adding cryptocurrencies, or have a presence already. It is said that
Hell, this is. pic.twitter.com/MVguNYebUA
— Dan Oprey⚡ (@danoprey) May 19, 2023
Praising the recently passed cryptocurrency market regulation in the European Union, Ouprey said: […] At least people understand their position and know how to operate and how they can comply, which allows companies and institutions to participate in this space,” he said, adding that cryptocurrency Regions that have clarified the regulation of [and] for work. “
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