Local exchange Gaia Co. will launch cryptocurrency ATMs in Tokyo and Osaka and has outlined plans for 130 of them over the next three years.
Cryptocurrency ATMs – or BTMs in local terminology – are back in Japan after a long four-year hiatus.
Local cryptocurrency exchange firm Gaia Co., Ltd announced Tuesday that it will soon launch BTMs that support Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
Although bitcoin ATMs debuted in Tokyo way back in 2014, the country hasn’t seen any active ATMs for digital assets since the cryptocurrency winter of 2018, which saw local exchange Coincheck hacked for $ 530 million, bringing it to its knees. the local sector is embittered. interest in cryptocurrency ATMs.
Initially, the BTMs will be installed in locations in Tokyo and Osaka, but the company has announced plans to create 50 BTMs across the country over the next 12 months. The company said it hopes to increase the installed base to 130 BTM over the next three years.
The BTMs will allow users to withdraw a maximum of $ 747, or 100,000 Japanese yen, per transaction, with a maximum withdrawal limit of $ 2,243, or 300,000 yen, per day. Restricted withdrawals are part of anti-money laundering (AML) compliance measures.
BTM: Gaia Co., Ltd.
According to a Wednesday report by local newspaper Mainichi Shimbun, Gaia’s move will mark the first time a locally registered cryptocurrency company will install cryptocurrency ATMs in Japan.
To withdraw funds from BTMs, users need to register with the company for a special card that allows them to do so. Once approved, users can send cryptocurrency assets to BTM via 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 transfer funds from an exchange to a local bank account, the Japanese outlet noted.
Resurgence of interest in cryptocurrencies?
The Coincheck hack, coupled with the $ 500 million hack on cryptocurrency exchange Mt. Gox in 2014, ultimately led the government to opt for a hands-on approach by entrusting oversight to the self-regulatory agency, Japan Virtual Currency. Exchange Association (JVCEA).
However, it appears that this year the government has had a renewed interest in helping the market thrive.
As reported earlier in July, Japan’s Financial Services Agency (FSA) issued “stern warnings” to the JVCEA to expedite the introduction of anti-money laundering regulations.
Meanwhile, Prime Minister Fumio Kishida also called on the entity to speed up its lengthy screening process for new digital asset listing applications on local exchanges.
Last month, Cointelegraph reported that the Ministry of Economy, Trade and Industry (METI) opened its Web3 Policy Office within the Minister’s Secretariat. The newly created entity will work on developing an innovative business environment for Web3 companies, as well as introducing regulations to support the industry.