Europe has always been a relatively tepid market when it comes to Bitcoin and other cryptocurrencies. It almost seems as if there is a genuine disinterest in what this new form of money can mean for Europeans. That situation may soon come to change, as Japan’s bitFlyer exchange is expanding to Europe. More competition among European cryptocurrency exchanges can only be a positive development for the industry as a whole.
A Bold Plan by bitFlyer
Cryptocurrency enthusiasts all over the world have come across the name bitFlyer at some point or another. The company, which is based in Tokyo, Japan, has quickly become one of the world’s largest cryptocurrency trading platforms. Even though it is difficult to take advantage of the Japanese exchange rate as a non-Japanese citizen, the platform seems to follow the global average price almost to a fault. Compared to South Korean exchanges, its premium to pay for Bitcoin and altcoins is a lot lower right now.
At the same time, the Japanese giant also has an interest in tapping into other markets. Now that bitFlyer has received a payment institution license for the European Union, things will head in an interesting direction. This news comes on the heels of bitFlyer’s receiving regulatory approval to set up shop in the United States later this year. It’s an aggressive expansion campaign by this company, and one that will help elevate Bitcoin and altcoins to a whole new level.
Considering that bitFlyer handles close to a quarter of the global Bitcoin trading volume, it is evident that it is a company not to be trifled with. Even though most Western traders focus on platforms such as Bitstamp, Bitfinex, and to a lesser degree, Kraken, it will be interesting to see how bitFlyer fits into this picture. The European market direly needs some more players, as there are very few options available to traders right now. More specifically, there are few platforms with ample liquidity to make trading appealing.
One also has to keep in mind that bitFlyer has only been around since 2014. Over the span of three and a half years, the company has made a lot of progress, and it is now using this momentum to expand globally. If the company can be successful in the US and Europe on top of Japan, it will quickly become the global leader in exchange volume. Company CEO Yuzo Kano clearly has global ambitions, and he has indicated that the company will continue to seek regulatory approval to achieve its future goals.
Yuzo has also confirmed that bitFlyer is now the world’s most compliant virtual currency exchange. Its regulatory-first approach appears to be the only viable course of action when global expansion is the top priority. Moreover, it helps to further legitimize the appeal of cryptocurrencies in the regions where bitFlyer intends to be active. With Japan, the US, and now Europe in their pocket, it will be interesting to see what other places the company might expand to. Latin and South America may open up some interesting opportunities in this regard.
It is worth noting bitFlyer received its license from Luxembourg’s Commission de Surveillance du Secteur Financier. It is evident that Luxembourg will continue to maintain an open mind when it comes to Bitcoin and other cryptocurrencies. Other European countries such as Germany and France seemingly want more regulation in this particular industry. Achieving consensus within the European Union will not be easy when it comes to cryptocurrencies. The next few years will be very interesting in that regard.