Japanese virtual currency exchange BitFlyer has been approved to operate in Europe. The popular Tokyo exchange has secured a PI (Payment Institution) license from Luxembourg regulator Commission de Surveillance du Secteur Financier to offer trading services in the European Union.
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BitFlyer Steps Toward Globalization
Per a recent report from Financial Times, a quarter of the global bitcoin trade is executed by BitFlyer, and now the exchange has received the regulatory go-ahead to set up shop in Europe. The move comes after the firm already began operating in the U.S. last November.
BitFlyer CEO Yuzo Kano was ecstatic:
“When I set up BitFlyer in 2014, I did so with global ambitions and the belief that approved regulatory status is fundamental to the long-term future of Bitcoin and the virtual currency industry. I am proud that we are now the most compliant virtual currency exchange in the world; this coveted regulatory status gives our customers, our company, and the virtual currency industry as a whole a very positive future outlook.”
Accordingly, Kano’s exchange will now offer European crypto traders an opportunity to trade with and against the biggest virtual currency market — Japan.
To start, the BTC/EUR trading pair will be provided. However, in coming months, the exchange intends to introduce other digital currencies such as ether and litecoin.
Bitspread Welcomes BitFlyer’s Entry
Cedric Jeanson — CEO of cryptocurrency exchange Bitspread — has welcomed their Japanese peers’ move into Europe, saying:
“We’re pleased to see BitFlyer landing in Europe. As digital currency trading becomes mainstream and institutional investors get involved, there is a gap in Europe for a platform which specifically caters to the professional market.”
The question is, can BitFlyer beat out traditional European providers to become a top — or the top — exchange on the continent? Time will tell.
Could BitFlyer’s entry to Europe be a game changer, or will it just provide another option? Let us know what you think below.
Images via LinkedIn, synisys