Crypto ATM Returns To Japan After 4 Years
Japanese digital asset exchange Gaia will bring back crypto ATM in Japan, installing such machines in Tokyo and Osaka.
Crypto ATMs (or BTMs in industry terms) are back in Japan after a four-year hiatus. Local crypto exchange Gaia Co., Ltd announced on Tuesday that it would soon launch BTMs that support Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
Although Bitcoin ATMs launched in Tokyo in early 2014, the country has not seen any digital asset ATMs operating since the 2018 crypto winter. The exchange Domestic exchange Coincheck was hacked with a loss of $530 million, crippling the local area and reducing interest in crypto ATMs.
Initially, the BTMs will be installed at locations across Tokyo and Osaka, but the company has outlined plans to set up 50 BTMs nationwide within the next 12 months. The company hopes to increase the number of installed facilities to 130 BTMs within three years.
BTM will allow users to withdraw up to $747 or ¥100,000 per transaction, with a maximum withdrawal limit of $2,243 or ¥300,000 per day. Limited withdrawals are part of Anti-Money Laundering (AML) compliance measures.
According to a report Wednesday from local media outlet Mainichi Shimbun, the move from Gaia will mark the first time a locally registered crypto company has installed crypto ATMs in Japan.
To withdraw from BTM, users need to register with the company to receive a special card that grants them access. Once approved, users can send crypto assets to BTM via smartphone and then withdraw the cash amount in yen.
BTM will help speed up the current domestic withdrawal process, which usually takes several days to transfer funds from an exchange to a local bank account, Shimbun noted.
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