bitFlyer granted European operating license
The Tokyo-based bitcoin exchange becomes the first to be regulated in Japan, the United States and Europe.
Cryptocurrency exchange bitFlyer has been issued a Payment Institution (PI) license to operate in the European Union. The exchange is the only approved platform allowing trade with bitcoin’s largest trading market, Japan.
bitFlyer facilitates one quarter (25%) of worldwide bitcoin exchange volumes, according to Coinhills data. The exchange expedited US$250 billion worth of virtual currency trades in 2017. The Tokyo-based bitcoin exchange is now the first to be regulated in Japan, the United States and Europe.
Coinhills data also reveals that approximately €10 billion in bitcoin is traded globally each month, making the European market an enticing operating arena for cryptocurrency exchanges catering to professional traders.
bitFlyer was granted its PI by Luxembourg regulator Commission de Surveillance du Secteur Financier and will market its platform from the company’s base at The Luxembourg House of Financial Technology Foundation.
bitFlyer will initially offer bitcoin as a trading pair with the euro (BTC/EUR). However, the company plans to add support for others including Litecoin, Ethereum, Ethereum Classic and Bitcoin Cash at a later point in 2018.
CoinMarketCap currently lists bitFlyer as the sixth-largest exchange globally, by trading volume. The exchange officially launched in the US in late November, following a months-long private beta with around 2,000 users.
Of the 21 million bitcoins ever available for trade, more than 16.8 million (80%) have already been mined. Global finance giant Visa does not consider cryptocurrencies, such as bitcoin, an acceptable form of payment.
Earlier this week, the Lightning Network, which offers a potential solution to bitcoin’s scalability issues, reportedly completed its first ever transaction, according to a recent post on online discussion forum Reddit.