"Fit & Proper." Yesterday, following a standard review regulatory authorities in France announced that Voyager, its LGO Europe subsidiary, and its leadership team have been declared "Fit and Proper" to operate under the LGO registration. This will enable Voyager to serve customers in France and the European Union. European Union. With a population of 447 million and the world's third largest economy, the European Union presents a huge growth opportunity for Voyager. The approval process took nearly a year, but Voyager is now positioned to launch its trading app in certain European countries late in the March 2022 quarter and should provide the Company with another growth spurt, in our view. Notably, some 11% of Europeans have used cryptocurrency to pay for goods and services.Regulatory Environment. In the EU, cryptocurrencies and Crypto assets are classified as qualified financial instruments and are regulated at a regional level, although there are exceptions. Voyager can leverage its KYC and AML solutions to remain compliant with regulations, in our view.Merger Errata. The approval fulfills the remaining conditions of the merger, whereby one million shares of Voyager are issuable to the selling shareholders of LGO and are subject to release in equal tranches on the 6, 9 and 12 month anniversary of the date of the approval of the AMF.Favorable Risk/Reward. Investors almost appear to be looking in a rear-view mirror given the current price of VYGVF shares. While legislative uncertainty remains, we believe formal rules and regulations could actually work in Voyager's favor. Key cryptocurrency prices have rebounded and volatility remains a friend. As such, we are maintaining our Outperform rating and $25 price target (U.S. dollars). Voyager shares continue to trade at a substantial discount to its peer group. Read More >>