After obtaining a license and being recognized as a payment institution, bitFlyer has now launched in the European Union. As of now it supports only BTC/EUR trading, but they are planning to include other cryptocurrencies by the end of this year.
bitFlyer announced the details about its European launch on Monday. It has earned the distinction of being the first Bitcoin exchange to be regulated in Japan, the US and Europe. It can be considered the most compliant virtual currency exchange in the world.
In Luxemburg, at bitFlyer Inc. headquarter; the Tokyo based company announced that they acquired the PI license from the Luxemburg regulator. Minister of Finance, Mr Pierre Gramegna, stated that “we’re delighted that one of the most successful Japanese startups chose Luxembourg as their EU platform”.
The company is initially offering zero percent trading fees until the end of February. So, it is a good opportunity for people to start trading on this platform.
BTC/EUR is supported initially as a trading pair by bitFlyer. They are planning to support cryptocurrencies such as Ethereum (ETH), Ether classic (ETC), Litecoin (LTC), and Bitcoin cash (BCH) later this year.
Gusture asked Andy Bryant, the COO of bitFlyer Europe, what the company’s plan is for 2018 and what the advantages of this exchange are for the EU region.
“Bitcoin is growing up, and our aim is to set a global standard for exchanges. We’re launching with the BTC/EUR pair, but watch this space for other currencies and alt coins to be added in the coming months. We’ll also be looking to join up our Japanese, European and US platforms to give users access to the Japanese market, which is the largest Bitcoin market in the world”, said Andy Bryant.
He further added, “Our regulatory status sets us apart. We believe that regulation is fundamental to the future of virtual currencies. Having been granted a license to operate in the EU, bitFlyer has become the first Bitcoin exchange to be regulated in Japan, the US and Europe. That makes us the most compliant virtual currency exchange in the world.”
bitFlyer plans to set up the base of operations in Luxemburg and then expand its influence across Europe. bitFlyer was one amongst 11 exchanges which obtained a license from Japanese Financial Services Agency (FSA) in September of 2017. bitFlyer has almost 1 million users.
Yuzo, the CEO of bitFlyer announced, “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.”
According to the Financial Times, bitFlyer has 80 percent market share in Bitcoin trading in Japan and around 20 to 30 percent on the global market.