Local exchange Gaia Co. is set to roll out crypto ATMs in Tokyo and Osaka and has outlined plans for 130 of them over the next three years. With this Crypto ATMs — or BTMs according to local terminology — are back in Japan after a lengthy four-year hiatus.
On Tuesday the crypto exchange firm Gaia Co., Ltd declared that it will soon roll out BTMs that support Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
Though Bitcoin ATMs had already started in Tokyo in 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, which makes the local sector sourcing interest in crypto ATMs.
Primarily, the BTMs will be installed in Tokyo and Osaka, but the firm has plans to set up 50 BTMs across the country within the next 12 months. The company is hopeful to increase the installed base to 130 BTMs within the next three years.
The users could withdraw a max of $747, or 100,000 Japanese yen from the BTMs, 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.
A Wednesday report from local media outlet Mainichi Shimbun stated the move from Gaia will mark the first time a local crypto company has installed crypto ATMs in Japan.
The users need to register with the company to obtain a special card that grants them access to withdraw funds from the BTMs. Once approved, users can send crypto assets to the BTM via a smartphone and then withdraw the cash amount in yen.
The Japanese-language outlet noted that 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.
A previous report in July reported that Japan’s Financial Services Agency (FSA) gave the JVCEA “stern warnings” to speed up its rollout of AML regulation.
Prime minister Fumio Kishida has also called on the entity to speed up its lengthy screening process for new digital asset listing applications from local exchanges.
The newly established entity will work to develop an innovative business environment for Web3 companies, along with the roll-out of regulation to support the sector.
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