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After four years, cryptocurrency ATMs are back in Japan. A local cryptocurrency exchange has announced that it will be rolling its Bitcoin ATM which will support the leading cryptocurrency and three other altcoins.
Bitcoin ATMs were in Japan since 2014. However, after leading local exchange Coincheck was hacked in 2018, the crypto industry in the country took a massive knock, wiping out Bitcoin ATM installations in the region. The $530 million USD attack on Coincheck slowed adoption and took the wind out of cryptocurrency’s sails, which meant there has been little reason for a Bitcoin ATM in the country since the cryptocurrency winter in 2018.
Cryptocurrency firm Gaia Co. Ltd announced earlier this week that it will be installing Bitcoin ATMs that will support Bitcoin, Ethereum, Bitcoin Cash and Litecoin. The Bitcoin ATMs are set for installation in Tokyo and Osaka but Gaia Co. has also indicated that 50 Bitcoin ATMs across the country will be installed within the next year, with the aim to increase the number to 130 over the course of the next three years. This will be the first time a locally-registered cryptocurrency firm will have Bitcoin ATMs in Japan, according to a local media house.
Using a Bitcoin ATM in Japan
According to the firm, Bitcoin ATM users will be able to draw out a maximum of $747 USD per transaction and a maximum of $2,243 USD per day. These caps are in place as part of anti-money laundering (AML) regulations in the country. In order to use the ATMs, users will need to be registered with Gaia Co. and apply for and receive a special card that provides Bitcoin ATM access. Through this, the users can send their cryptocurrencies (the supported assets) to the ATM through a mobile phone and withdraw the cash.
This process will be immediate and will help speed up the current financial processes in the country. According to the local media outlet, it can take a few days to send funds from an exchange to a local bank account with congestion and protocols slowing down the process.