New Horizons for bitFlyer in the EU
The Tokyo-based cryptocurrency exchange, bitFlyer, has received a golden ticket: a Payment Institution license to operate within the European Union. This regulatory thumbs-up from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) means that bitFlyer is officially taking its talents across the pond!
The Journey from Japan to the US and Now Europe
Since bursting onto the scene in the fall of 2017, bitFlyer has made quite the splash in the US after starting its journey in Japan under the watchful eyes of the Financial Services Agency (FSA). And they say compliance isn’t sexy—let’s take a minute to appreciate how this exchange has been paving the way with its licensure.
A Statement of Excellence from the CEO
“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.”
That’s a quote from none other than Yuzo Kano, the founder and CEO of bitFlyer. With confidence oozing from his words, he’s setting high expectations for the future of the crypto industry.
Initial Offerings: Starting with Bitcoin
In the beginning, bitFlyer will cater to the European market with a BTC/EUR trading pair. That’s right folks, there’s a new crypto player in town, and they’re going straight for the Bitcoin bullseye. But hold on to your keyboards, because there’s more planned! Plans are in place to roll out additional virtual currencies like Litecoin, Ethereum, Ethereum Classic, and Bitcoin Cash later on this year. So get ready for a crypto party!
The Bigger Picture: Regulation in the Crypto World
bitFlyer isn’t just navigating the turbulent waters of the EU; they are part of a worldwide conversation on crypto regulation. Different countries are throwing their hats in the ring, with various strategies on how to keep the crypto ship sailing. In Japan, Bitcoin enjoys a sweet spot as an officially recognized form of currency, allowing major banks to dive into the bitFlyer pool with gusto.
In contrast, China has taken a more aggressive stance, closing down all crypto exchanges—a stark reminder of the tightrope that is cryptocurrency regulation.
The Call for Global Regulation
Germany’s Bundesbank has chimed in, suggesting the necessity for cohesive global regulations. It seems everyone is on the edge of their seats, waiting to see how the crypto landscape evolves as different jurisdictions try to wrangle this wild beast. After all, regulating like herding cats can be quite the job!
