Japan, from the very initial and nascent days of the emerging cryptocurrency market, has remained positive on virtual digital currencies and the blockchain technology.
Japanese Yen is today one of the most traded currencies in the crypto markets followed by the U.S Dollar and Euro. Moreover, the Japanese government has also set up the crypto friendly environment in the country by introducing several policies.
Last year in October 2017, Japan’s Financial Service Agency granted licenses to 11 exchange to operate in the country, with popular exchange bitFlyer being one of those. Moreover, at the end of November 2017, the Tokyo-based operator and also the world’s largest Bitcoin exchange extended its footprint to the United States.
Spreading its wings of operations further, bitFlyer announced that it has just been granted Payment Institution (PI) license to operate in the European Union and hence it will be soon launching its operations there. With this, bitFlyer will have its presence in three important demographies which contribute to the majority of the globe’s cryptocurrency trading volumes.
bitFlyer’s PI license has been grated by the Luxembourg regulator, Commission de Surveillance du Secteur Financier (CSSF) and from the company’s base at The Luxembourg House of Financial Technology Foundation (The LHoFT). “We’re delighted that one of the most successful Japanese startups chose Luxembourg as their EU platform,” said Pierre Gramegna, the Luxembourg Minister of Finance.
Cedric Jeanson, CEO of BitSpread on a welcoming note to bitFlyer said: “We’re pleased to see bitFlyer landing in Europe. 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.”
bitFlyer is currently the world’s largest Bitcoin exchange and contributes 25 percent of the world’s trading volumes. On the bitFlyer platform itself, cryptocurrencies worth $250 billion have been traded in 2017, and with its recent presence in Europe, it will be the only licensed exchange in the continent that will allow users to trade with Japan.
Commenting on this new development, Andy Bryant, Chief Operating Officer of bitFlyer Europe said: What we bring to Europe is a platform designed by traders for traders. Through our web interface or API, traders can get up and running quickly and benefit from some of the most robust systems, highest speeds and an interface designed with their specific needs in mind.”
While talking about the importance of this announcement, founder and CEO of bitFlyer, Yuzo Kano said: “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.”
While Japan is looking to expand its horizon in the crypto space, its other Asian rival South Korea is currently putting some regulatory measures to control crypto trading within its population sighting issues of tax evasion and money laundering.