Cryptocurrency ATMs have returned to Japan after 4 years. This has the local crypto exchange company ‘Gaia Co., Ltd.’ announced. They will soon install multiple crypto ATMs that support Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
50 Crypto ATMs in First Year
In 2014, the first crypto ATM was installed in Tokyo. However, since the crypto winter of 2018, Japan no longer has a single active crypto ATM. The country showed interest in such ATMs after the crash and the hack of the local exchange ‘Coincheck’. Since then, however, the crypto market has changed significantly, which is now changing.
The first ATMs will be installed in Tokyo and Osaka. Within one year, Gaia Co. however, have about 50 of these crypto ATMs installed all over the country. Within the first 3 years, the company plans to install at least 130 of these ATMs.
The ATMs allow users to cash out up to a maximum of €750, or 100,000 Japanese Yen per transaction. The maximum withdrawal limit will initially be 300,000 Yen per day, or approximately $2,250. These limited withdrawals are part of the anti-money laundering (AML) compliance measures, but their amount may be subject to change over the years.
Request special card
With the installation by Gaia, a crypto ATM is reportedly being installed for the first time by a locally registered crypto company. Users must request a special card to be able to withdraw money from the machines. After receiving this card, users can send crypto assets to the ATMs via smartphones, among other things. They can then withdraw these in cash in the local currency Yen.
The vending machines will help a lot to speed up the current withdrawal process in the country. In Japan, it often takes a few days to transfer money from an exchange to a local bank account. This is now changing. It is not yet known what the next step in the crypto world of Japan is.
