Japan

Japan set to relaunch Crypto ATM

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Local crypto exchange firm Gaia Co., Ltd announced on Tuesday that it will soon roll out BTMs that support Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

Despite Bitcoin ATMs having made their debut in Tokyo as early as 2014, the country has not seen any active digital asset ATMs since the crypto winter of 2018, which saw local exchange Coincheck hacked for $530 million, bringing the local sector to its knees and souring interest in crypto ATMs.

Initially, the BTMs will be installed in locations across Tokyo and Osaka, but the firm has outlined plans to set up 50 BTMs across the country within the next 12 months. The company said it hopes to increase the installed base to 130 BTMs within the next three years.

The BTMs will allow users to withdraw a max of $747, or 100,000 Japanese yen, per transaction, with a max withdrawal cap of $2,243, or 300,000 yen, per day. The limited withdrawals are part of Anti-Money Laundering (AML) compliance measures.

According to a Wednesday report 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 funds from the BTMs, users need to register with the company to obtain a special card that grants them access to do so. Once approved, users can send crypto assets to the BTM via a smartphone and then withdraw the cash amount in yen.

The BTMs will help speed up the current withdrawal process in the country, which often takes a few days to wire funds from an exchange to a local bank account, the Japanese-language outlet noted.

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