BitFlyer, the Tokyo-based Crypto Exchange, Receives European Approval
Europe Opens its Doors to New Crypto Exchange
Data from Coinmarketcap shows that BitFlyer is the fourteenth largest exchange in the world. It has a 24-hour volume that averages $300 million. More significant is that 89% of Bitcoin trading in Japan takes place on this exchange. This matters since Japan is one of the biggest crypto markets in the world. It also has a very stable, albeit strict regulatory environment. It was recently reported by the Daily Mail, a leading newspaper in the UK, that the exchange had been given the approval to operate in the European market.
The Details of the Approval
The exchange was given a payment institution (PI) license from the European regulator based in Luxemburg. The approval came hot on the heels of the exchange receiving approval to operate in Japan. Since Japan has some of the strictest rules and a rigorous approval process, it has come to be viewed by some as the gold standard for crypto exchanges that successfully receive Japanese approval. According to recent reports, the exchange is the only one that is licensed to operate in Europe. This approval will give European traders the opportunity to access Japan, which is one of the biggest markets for crypto coins.
What the CEO Has to Say
Yuzo Kano, the founder, and CEO of the exchange told the media that when he set up, he had global ambitions from the start. He also added that he had a firm belief that receiving regulatory approval was important for the long-term success of crypto. Mr. Kano said,
This coveted regulatory status gives our customers, our company, and the virtual currency industry as a whole a very positive future outlook.
It is estimated that about 10 billion Euros worth of Bitcoin is traded globally every month. This makes the currency the third largest in trade volumes after the Japanese Yen and the US dollar.
What Do Industry Experts Think of This Move?
Industry experts and investors have welcomed this move with open arms. The CEO of BitSpread, a leading digital coin market maker, said that he was happy to see BitFlyer land in Europe. He added,
As virtual 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.
According to other reports, BitFlyer will start out small. It will only offer BTC / EUR pairs for now. However, it will expand that list to include other virtual currencies such as Ethereum, Litecoin and other fiat currencies in coming months. This is welcome news following weeks of endless uncertainty and doubt spreading throughout mainstream media sources.
Will the Japanese exchange open up the European market to the world? Share your opinions in the comments section below.