Bakkt Holdings, crypto trading and custody platform, announced the expansion of its crypto operations in several crypto-friendly international jurisdictions.
The digital assets solutions firm has established crypto trading and onramp capabilities in Brazil and Guatemala, adding to Bakkt’s existing LatAm operations in Argentina and Mexico.
Additionally, it has also broadened its footprint into two new Asian markets – Hong Kong and Singapore. The new expansion compliments the rapidly growing crypto economy and regulatory clarity in these jurisdictions.
The international expansion aligns with the company’s key objectives for 2024, said CEO Gavin Michael. According to the company’s announcement Wednesday, Bakkt retains its existing collaboration with clients Hapi and SogoTrade.
“At Bakkt, we believe that crypto has the power to enhance financial inclusivity and connect communities within the global economy. We’re excited about what these regions have to offer, and our ability to make crypto more accessible to millions of people.”
Furthermore, Bakkt is also planning to establish base in the UK and Australia in the coming months, the release added.
Crypto-Friendly Regulations Attract Businesses
Despite a series of crypto market slumps and recovery, some countries remain at the forefront in welcoming crypto-related businesses with stringent regulations in place.
Singapore and Hong Kong have emerged as a dominant force in the Asian crypto landscape. With well-defined regulations, favorable tax structures and established status as international financial hubs, both the jurisdictions have welcomed major players in the crypto industry including Ripple, Paxos and Coinbase, among others.
According to Tiger Research, Asia is poised to become the epicenter of global crypto within the next five years. Additionally, countries like Singapore has crafted stringent scrutiny in approving licences to crypto players.
The Monetary Authority of Singapore, said it only grants licences to cryptocurrency companies if they have robust anti-money laundering controls. As a result, the country’s regulator has granted payments licence to only 14 crypto firms to date. Meanwhile, Brazil, Argentina and Mexico hold the top spots in the adoption of crypto assets in Latin America, per Chainalysis.
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