American regulated cryptocurrency platform for institutional investors Bakkt is interested in entering the European market after the passage of the MiCA cryptocurrency regulation law.
Bakkt product director Dan O’Pray said that Bakkt is looking positively at the development of the regulatory environment for cryptocurrencies in the long term.
The company has been working toward institutional investors for several years now, even dropping support for a retail app.
Bakkt sees interest from the institutional side, and the improving regulatory environment, especially after the adoption of MiCA, makes the company’s prospects in the European market quite bright.
O’Pray noted that bitcoin has won in the U.S. because it has a fixed commodity status, whereas other cryptocurrencies are in a status of uncertainty.
Nevertheless, the lack of regulatory transparency in the U.S. for cryptocurrencies in general is one of the main stopping factors for bitcoin adoption.
Bakkt’s platform is currently only available to U.S. customers, but the company is working to expand its business, and once MiCA is adopted in Europe, that market could become a top priority.
“Any form of regulatory certainty is good for cryptocurrencies. People understand their position, how to deal with cryptocurrencies, how to meet the requirements of regulators.
This allows companies and financial institutions to participate in the industry. Regulatory certainty attracts a huge number of people into the field, capitals and creates vacancies.”
Bakkt recently announced it is delisting a large number of tokens and cryptocurrencies from its platform as part of its move away from retail customers.