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Bakkt Crypto Trading Expands Footprint in LatAm and Southeast Asia

Bakkt Holdings, the platform specializing in cryptocurrency trading and custody, has revealed its plans to expand its cryptocurrency operations across various international regions known for their crypto-friendly environments.

The company, which provides digital asset solutions, has successfully launched crypto trading and onramp services in Brazil and Guatemala. These additions join Bakkt’s already established operations in Latin American countries such as Argentina and Mexico.

In addition to its Latin American ventures, Bakkt has extended its reach to two new Asian markets, namely Hong Kong and Singapore. This strategic expansion is in harmony with the rapid growth of the cryptocurrency sector and the increasing regulatory clarity in these specific regions.

CEO Gavin Michael expressed that this international expansion aligns perfectly with Bakkt’s key goals for the year 2024. As per the company’s announcement, Bakkt maintains its existing collaborations with clients Hapi and SogoTrade.

Michael stated, “At Bakkt, we firmly believe in the potential of cryptocurrency to enhance financial inclusion and foster global economic connections. We are enthusiastic about the opportunities presented by these regions and our ability to make cryptocurrency more accessible to millions of people.”

Furthermore, Bakkt has outlined plans to establish a presence in the United Kingdom and Australia in the upcoming months, according to the company’s release.

Crypto-Friendly Regulations Attract Businesses

Despite experiencing a series of fluctuations in the cryptocurrency market followed by recoveries, certain nations remain steadfast in their commitment to embracing crypto-related businesses while implementing strict regulatory frameworks.

Singapore and Hong Kong have emerged as prominent players in the Asian cryptocurrency landscape. These jurisdictions stand out due to their well-defined regulations, advantageous tax structures, and established status as international financial hubs. Notably, both Singapore and Hong Kong have been receptive to major players in the cryptocurrency industry, including Ripple, Paxos, and Coinbase, among others.

Tiger Research predicts that Asia is on the path to becoming the epicenter of the global cryptocurrency scene within the next five years. Furthermore, Singapore, in particular, has implemented rigorous scrutiny when granting licenses to cryptocurrency entities.

The Monetary Authority of Singapore has made it clear that it will only issue licenses to cryptocurrency companies that demonstrate robust anti-money laundering controls. Consequently, as of now, only 14 cryptocurrency firms have received payment licenses from the country’s regulator. In contrast, when it comes to the adoption of crypto assets in Latin America, Brazil, Argentina, and Mexico are leading the way, as reported by Chainalysis.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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