Japan is preparing to re-open the Crypto ATMs, which it opened in 2014 and closed in 2018, after 4 years.
Japanese local stock exchange Gaia Co. It is preparing to bring crypto ATMs back in Osaka and Tokyo. It is planned to install 130 ATMs in the next 3 years.
Gaia Co. It said on Tuesday that it will launch BTMs that support Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Although crypto ATMs launched in Japan in 2014, the $530 million hack of local exchange Coincheck and the impact of the crypto winter of 2018 dampened the local industry’s interest in crypto ATMs.
At this point, it should be noted that BTM is used for ATMs where Bitcoin transactions are made.
Targets High for Crypto ATMs in Japan
Initially, Bitcoin ATMs (BTMs) will launch in Tokyo and Osaka, but the firm aims to launch 50 BTMs in the next 12 months. As a target, the company plans to open 130 BTMs in the next 3 years. BTMs will allow users to withdraw $747 or JPY 100,000 per transaction and a maximum withdrawal of $2,243 or 300,000 yen per day. Such a limitation will be imposed as limited withdrawals are very important to the money laundering (AML) and compliance part.
According to a report by local media outlet Mainichi Shimbun, this move from Gaia will be the first ATMs installed by a local registered exchange in Japan.
Those who want to use BTMs need to have a card of their own. After the card is approved, users will be able to send their crypto assets to BTM via smartphone and withdraw their return in yen from BTM.
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