Luxembourg has opened the world’s biggest Bitcoin exchange on Tuesday.

Japanese startup bitFlyer has been granted a Payment Institution (PI) license to operate in the European Union. In 2017 the company facilitated about a quarter of global Bitcoin transactions, which accounts for €204bn in current value.

BitFlyer’s initial product offering is the BTC/EUR pair. The company aspires to move on to other virtual currency products, such as Litecoin, Ethereum, Ethereum Classic and Bitcoin Cash.

Luxembourg’s financial watchdog – the Commission de Surveillance du Secteur Financier (CSSF) – has granted bitFly a license that will make the platform the first to adhere to EU, US, and Japanese regulations.