On Tuesday 2nd, August 2022, the cryptocurrency exchange platform; Gaia Co., Ltd told the public about its plans to install crypto ATMs or as they called them – BTMs (Bitcoin ATM) that support Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH) in local towns of Tokyo and Osaka; Japan.
This is not the first time that a crypto ATM is being built or provided for public use in Japan, as, in 2014, crypto ATMs became a public amenity with which users could easily purchase Bitcoin (BTC) and other cryptocurrencies with their fiat.
All this turned sour during the crypto winter in 2018 when the Japanese-based bitcoin and wallet exchange company – Coincheck was hacked and over $500 million worth of crypto assets were siphoned from the company, due to this tragic incident the interest to use any crypto ATMs died instantly.
To utilize the new BTMs offered by Gaia, users would need to register with the company to get a unique card that enables them to withdraw from the machine, users would be allowed to withdraw a maximum amount of $747 worth of crypto assets per transaction and $2,243 per day.
Though the transaction limit was seen to be ridiculous, reports prove that it was in accordance with Anti-Money Laundering (AML) measures and since Gaia would be the first local crypto exchange to rekindle the crypto ATM vogue in Japan, it is only wise that they follow due procedures.
The crypto exchange further explained that though they are starting with Tokyo and Osaka, they have bigger projections towards providing Bitcoin ATMs in over 50 different locations in Japan within the next twelve months and also installing over 130 BTMs within the next three years.
The rebirth of Crypto in Japan
Despite the Coincheck hack in January 2018 which led the authorities to set up a strict regulatory body – Japan Virtual Currency Exchange Association (JVCEA), it seems like the government has gotten a soft spot for cryptocurrency considering the approval for the reinstallation of Bitcoin ATMs.
