The biggest bitcoin exchange in terms of trading volumes in the world is opening its doors in Europe for the first time amid a major increase in the popularity of cryptocurrencies.
Initially, BitFlyer launched in Japan in 2014. Late last year, it was also launched in the United States, with $250bn worth of cryptocurrency trades going through the said platform in 2017.
It has now established a shop that is located in Luxembourg where the company has been given a Payment Institution Licence, the first exchange to obtain such authorisation.
While exchanges can operate even without a licence, Andy Bryant, the European operating chief, informed reported that the company wants to establish a global standard and help add respectability to what has been an extremely volatile market.
Initially, for the “sophisticated” professionals who are trading high volumes from euros, it plans to extend its services including the addition of other cryptocurrencies such as litecoin and ethereum later in 2018. The company is also eyeing other countries that are outside the eurozone. Traders will gain access to cross-border trading with Japan, which has become the biggest bitcoin market in the world. “Deep markets are important,” Bryant said. The euro is considered as the third biggest bitcoin market in the world after the yen and dollar.
“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,” stated Yuzo Kano, the founder and chief executive who is also a former banker at Goldman Sachs.
“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.”
BitFlyer is also currently working on its own blockchain which is called Miyabi with the involvement of the Japanese Bankers Association.
Authorities in many countries are currently examining if and how to regulate cryptocurrency. However, Bryant said that they are moving in the right direction. “It would be pretty short-sighted to come out with a ban,” said Bryant, adding that he also anticipates the decline of volatility.