bitFlyer Becomes First Japanese Exchange to Win MiCA License

Japanese crypto exchange bitFlyer has secured a Crypto-Asset Service Provider (CASP) license under the European Union’s Markets in Crypto-Assets (MiCA) regulation, becoming the first Japan-originated exchange to receive the approval.

The license was granted by Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), on June 26, just days before MiCA became fully effective across the EU on July 1.

The approval allows bitFlyer Europe to operate across all 27 EU member states through the bloc’s passporting system without needing separate licenses in each country.

bitFlyer Expands Across Europe

Before receiving the CASP authorization, bitFlyer Europe operated under the Virtual Asset Service Provider (VASP) framework. The move to MiCA’s CASP regime allows the company to continue serving European customers under a single regulatory framework as the EU ends its transitional period.

The bitFlyer Group, founded in 2014, already operates under regulatory oversight in Japan and the United States. With the new authorization, the company now has regulated operations across three of the world’s largest crypto markets.

In a statement, bitFlyer said it will continue prioritizing regulatory compliance, security, and customer protection while expanding its services under the new European framework.

CEO Yuzo Kano said obtaining approval under one of the world’s strictest crypto regulations demonstrates that the compliance and security standards developed in Japan also satisfy European regulators.

MiCA Deadline Reshapes the European Crypto Market

MiCA officially came into force across the European Union on July 1, ending the grace period that previously allowed firms to operate under national licensing systems. From now on, crypto companies must hold MiCA authorization from an EU regulator to legally provide services throughout the bloc.

As of June 30, only 244 crypto-related companies had secured MiCA approval across 25 EU member states, according to the European Securities and Markets Authority’s register.

Industry executives expect the new rules to significantly reduce the number of active crypto firms in Europe. OKX Europe CEO Erald Ghoos recently estimated that nearly 80% of crypto companies may fail to meet MiCA requirements and could exit the European market.

Regulators have also urged investors to verify whether their exchange appears on the official MiCA register, warning that using unauthorized platforms could reduce legal protections and increase the risk of losing access to assets.

It is important to note that Luxembourg approved five CASP licenses during June alone, adding bitFlyer Europe, Stokr, Bridge Building, Standard Chartered Luxembourg, and Swissquote Bank Europe to its register. The country now has 11 licensed crypto service providers.

Among the new approvals, bitFlyer received one of the broadest authorizations. Its license covers crypto custody, administration, crypto-to-fiat trading, crypto-to-crypto trading, client order execution, and transfer services.

Related: CZ Says Politics, Not Compliance, Played a Role in Binance’s MiCA Application Withdrawal