BitFlyer, a Japanese cryptocurrency exchange platform, announced the commence of its operations in Europe. The license to operate as a payment processor in the European Union has been granted to the exchange. This makes BitFlyer the first cryptocurrency exchange in the world to operate on three continents. Yuzo Kano, a former member of Goldman Sachs and now the CEO of BitFlyer, thinks it is an important move for the adoption of bitcoin and other cryptocurrencies, providing them with long-term prospects for survival.
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.”
As expected, BitFlyer announced this legalization of bitcoin on the EU financial market will allow bitcoin to be traded for the fiduciary money of the region, the euro. For the platform, the European market is one of the markets with the largest movement of cryptocurrencies, after the dollar and the yen, with approximately 10 billion euros per month.
In November last year, BitFlyer became the fourth company to obtain the official license from the New York State Department of Financial Services (NYDFS) that allowed the company to operate a legal exchange of digital currencies. The first three exchanges with the same license were Coinbase, Ripple and Circle. After this, BitFlyer set up a headquarters in the United States.
BitFlyer was dedicated to the goal of obtaining licenses to operate as a payment processor in various countries due to pressure from various governments from around the world to regulate the trading of cryptocurrencies. For example, the operations of BitFlyer in its home country, Japan, are supervised by the government.