Last Monday, BitFlyer, a Tokyo-based crypto firm and the operator of the world's largest bitcoin exchange by volume, officially launched in Europe. The move was approved by European Union authorities, making it the "world's most compliant" cryptocurrency exchange.
In a press release dated January 22, 2018, BitFlyer announced that it received a Payment Institution (PI) license from the EU. This license makes BitFlyer an EU-recognized payment service provider, granting it the ability to offer the following services:
The PI license was granted by the Commission de Surveillance du Secteur Financier and the House of Financial Technology Foundation, two Luxembourg-based organizations that oversaw the process.
Now that BitFlyer is licensed in the EU, it is the first and only exchange to be officially recognized by authorities in Japan, the US, and Europe. It will offer BTCEUR exchange options as a start, and then will add support for other major cryptocurrencies against the euro throughout the year.
By submitting to licensing with governmental bodies, BitFlyer aims at adding legitimacy to its name. BitFlyer hopes to attract high-volume professional and institutional traders to the platform.
BitFlyer Europe COO, Andy Bryant, notes that the platform is designed "by traders, for traders", rendering it well-suited for professional traders and institutional investors. He and his team want to demonstrate to financial institutions that cryptocurrency trading is a legitimate financial practice.
Bryant also comments, "Through our web interface or API, traders can get their trades 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."
Despite regulatory crackdowns in countries like South Korea and China, the news bodes well for the future of cryptocurrencies. By submitting to regulations, crypto companies can demonstrate how the blockchain industry has nothing to hide.
BitFlyer CEO, Yuzo Kano, was quoted in the press release saying:
BitFlyer acquires its Payment Institution (PI) license:
In a press release dated January 22, 2018, BitFlyer announced that it received a Payment Institution (PI) license from the EU. This license makes BitFlyer an EU-recognized payment service provider, granting it the ability to offer the following services:
- Executing payment transactions
- Issuing and/or acquiring of payment instruments
- Money remittance
- FX services
- Ancillary services
- Credit can be granted for a maximum of 12 months, if this credit is closely linked to a provided payment service.
The PI license was granted by the Commission de Surveillance du Secteur Financier and the House of Financial Technology Foundation, two Luxembourg-based organizations that oversaw the process.
Now that BitFlyer is licensed in the EU, it is the first and only exchange to be officially recognized by authorities in Japan, the US, and Europe. It will offer BTCEUR exchange options as a start, and then will add support for other major cryptocurrencies against the euro throughout the year.
BitFlyer is a platform for professional traders:
By submitting to licensing with governmental bodies, BitFlyer aims at adding legitimacy to its name. BitFlyer hopes to attract high-volume professional and institutional traders to the platform.
BitFlyer Europe COO, Andy Bryant, notes that the platform is designed "by traders, for traders", rendering it well-suited for professional traders and institutional investors. He and his team want to demonstrate to financial institutions that cryptocurrency trading is a legitimate financial practice.
Bryant also comments, "Through our web interface or API, traders can get their trades 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."
Maybe regulation isn't the death knell of cryptocurrencies:
Despite regulatory crackdowns in countries like South Korea and China, the news bodes well for the future of cryptocurrencies. By submitting to regulations, crypto companies can demonstrate how the blockchain industry has nothing to hide.
BitFlyer CEO, Yuzo Kano, was quoted in the press release saying:
"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."