• Bakkt’s chief product officer Dan O’Prey discussed the future of Bitcoin and the company’s outlook on regulated markets at Bitcoin 2023.
• O’Prey expressed optimism for the international regulatory environment for cryptocurrency and outlined plans to expand Bakkt’s retail activities internationally.
• He praised recent Markets in Crypto-Assets regulations passed in the European Union, highlighting clarity as a necessary factor for businesses and institutions to operate within.
Bakkt Looks Toward Europe
Bakkt’s chief product officer, Dan O’Prey, expressed optimism about the future of Bitcoin and the company’s outlook on regulated markets when he chatted with Cointelegraph at Bitcoin 2023. The international regulatory environment for cryptocurrency is improving, with Bakkt eyeing a retail expansion on the continent.
Regulatory Clarity Necessary For Adoption
O’Prey saw positive long-term trends, noting that lack of regulatory clarity has been “definitely the most top-of-mind hurdle” for Bitcoin adoption. He highlighted that by doing things right from a compliance standpoint, there was more progress than fallout from events such as the collapse of cryptocurrency exchange FTX.
Markets In Crypto Assets Regulations
Bakkt currently operates its retail platform for embedded trading, payouts and rewards in only the U.S., but is planning to expand internationally. O’Prey praised recent Markets in Crypto Assets regulations passed in the European Union that provide clarity on how businesses can operate within them.
Retail Expansion On The Continent
The executive shared that Bakkt is working with partners to identify jurisdictions where they already operate equities trading or have a presence so they can expand their retail activities into Europe as well as other parts of world.
Positive Long Term Trends
Overall, Dan O’Prey sees positive long term trends emerging from an improved international regulatory environment for cryptocurrencies which will enable greater growth opportunities for businesses and institutions operating within them.