The U.S.-based crypto platform Bakkt is setting its sights on Hong Kong, the UK, and the European Union for international growth. According to Bakkt’s CEO, Gavin Michael, this move stems from the absence of a comprehensive regulatory framework in the U.S.
The company is particularly interested in Hong Kong, the UK, and certain regions of the EU. Bakkt plans to support its partners who want to concentrate on these regions.
The firm started to receive further support when it acquired the integrated crypto trading platform, Apex Crypto, from Apex Fintech Solutions in April 2023. This acquisition is expected to facilitate Bakkt’s international expansion by leveraging Apex’s existing partnerships with companies like Webull.
While these companies establish international mergers to offer U.S. equity trading, Bakkt plans to initiate crypto trading alongside them. However, Bakkt has encountered some regulatory obstacles that led to the delisting of 25 tokens on the platform.
Search for Alternatives Outside the U.S. Continues
The existing lack of clarity and regulatory hurdles in the United States have hindered Bakkt’s ability to collaborate with U.S. companies, despite launching operations with a number of large partnerships, including Microsoft and Starbucks.
According to Michael, crypto markets outside the U.S. offer more promise due to their faster progress in regulatory clarity. The UK is taking definitive steps for clear crypto regulation, Hong Kong is allowing trading in certain cryptocurrencies, and the EU has passed its MiCA framework for crypto regulation.
While Michael noted the slow pace of commercial progress within the company, he also added that they are considering turning to firms that are waiting for clearer regulatory guidelines before diving into the crypto market.