Japan is finally bringing crypto ATMs (BTMs, according to local terminology) to life after four years.
Gaia Co., a local crypto exchange, announced that it would soon install BTMs across the country. The BTMs will likely support Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), and Ether (ETH).
Bitcoin ATMs (BTM) made their debut in 2014 in Japan (Tokyo). Since then, we haven’t seen any active crypto ATMs in the country. It was the market crash of 2018 which brought the sector to its knees and caused high interest in ATM transactions. The local crypto exchange was also hacked for a whopping $530 million worth of digital currencies.
Now, Gaia Co. has come forward to announce the exchange will bring BTMs back to life and facilitate the Japanese crypto lovers with an option to withdraw their crypto from BTMs across the country.
Gaia Co. has plans to install the BTMs in Tokyo and Osaka first. Within the next 12 months, the exchange will set up 50 BTMs in different locations across the country. The firm also said that there would be around 130 BTMs installed in Japan within the next three years.
You can withdraw a maximum amount of $747 (100,000 JPY) per transaction. The daily limit will be $2243 (300,000) per day.
One would ask, “since it’s crypto, there shouldn’t be any limits or restrictions.” Well, the exchange has to follow Japanese law and has taken care of Anti-Money Laundering (AML) compliance measures.
How To Use The BTM
To use the BTMs, the customers would have to register with the exchange Gaia Co, make an account, and order the special card that gives them access to their crypto assets.
Once the users have an approved account, they can send their crypto assets to the BTM and withdraw the amount equivalent in cash.
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