– Bakkt Holdings announced expansion of its crypto operations in Brazil and Guatemala, adding to existing operations in Argentina and Mexico
– Also broadened its footprint into Hong Kong and Singapore, with plans to establish base in the UK and Australia in the coming months
– CEO Gavin Michael stated that the company believes in the power of crypto to enhance financial inclusivity
– Singapore and Hong Kong have well-defined regulations and favorable tax structures for crypto businesses
– Asia is expected to become the epicenter of global crypto within the next five years
– Singapore has only granted licenses to 14 crypto firms with robust anti-money laundering controls
– Brazil, Argentina, and Mexico lead in the adoption of crypto assets in Latin America according to Chainalysis data
1. Bakkt Holdings Expands Crypto Operations
Bakkt Holdings, a crypto trading and custody platform, has announced its expansion of crypto operations in several crypto-friendly international jurisdictions. The company has established crypto trading and onramp capabilities in Brazil, Guatemala, Hong Kong, and Singapore, adding to its existing operations in Argentina and Mexico. The expansion aligns with the company’s key objectives for 2024, according to CEO Gavin Michael.
2. International Expansion in Crypto-Friendly Jurisdictions
The expansion into Brazil, Guatemala, Hong Kong, and Singapore compliments the rapidly growing crypto economy and regulatory clarity in these jurisdictions. Bakkt believes that crypto has the power to enhance financial inclusivity and connect communities within the global economy, and it is excited about the potential to make crypto more accessible to millions of people in these regions. Additionally, Bakkt is planning to establish a presence in the UK and Australia in the coming months.
3. Singapore and Hong Kong as Dominant Forces in Asian Crypto Landscape
Singapore and Hong Kong have emerged as dominant forces in the Asian crypto landscape with well-defined regulations, favorable tax structures, and established status as international financial hubs. Both jurisdictions have welcomed major players in the crypto industry, and according to Tiger Research, Asia is poised to become the epicenter of global crypto within the next five years. However, Singapore has crafted stringent scrutiny in approving licenses to crypto players, as the Monetary Authority of Singapore only grants licenses to cryptocurrency companies with robust anti-money laundering controls.
4. Latin American Adoption of Crypto Assets
Brazil, Argentina, and Mexico hold the top spots in the adoption of crypto assets in Latin America, according to Chainalysis. Despite a series of crypto market slumps and recovery, these countries remain at the forefront in welcoming crypto-related businesses with stringent regulations in place.
5. Regulatory Clarity and Market Growth
The expansion of Bakkt’s operations into these international jurisdictions reflects the regulatory clarity and market growth in these regions. With established regulations, favorable tax structures, and growing adoption of crypto assets, these jurisdictions present significant opportunities for the growth of the crypto industry.
In conclusion, Bakkt Holdings’ expansion into Brazil, Guatemala, Hong Kong, and Singapore, along with its plans to establish a presence in the UK and Australia, reflects the company’s commitment to tapping into the rapidly growing crypto economies and regulatory clarity in these international jurisdictions. The company aims to make crypto more accessible to millions of people while capitalizing on the potential for market growth in these regions.
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