Crypto Beginner

Crypto ATMs to reappear in Japan

crypto ATM

After four long years, crypto ATMs will be relaunched in Japan soon.

On 2 August 2022, local crypto exchange firm Gaia Co. Ltd. announced that it will soon roll out ATMs locally known as BTMs—in the country. Initially, the BTMs will be installed in Tokyo and Osaka, but Gaia plans to expand the network to other cities over the next 12 months by setting up 50 BTMs. If everything goes according to plan, the company aims to then up that number to 130 in the next three years.

As per the plan, BTMs will support the withdrawal of Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Users will be able to withdraw a maximum of $747 per transaction, and there will be a daily withdrawal cap of $2,243. The withdrawal caps are part of anti-money laundering compliance measures.

To withdraw funds from BTMs, users need to obtain a special card from the company. Once this is done, users can send eligible crypto assets to the BTM via phone and then withdraw the amount in Yen.

Japan is one of the most crypto-friendly countries in the world, and Bitcoin ATM made its debut in the country as early as 2014. However, due to unfavorable market conditions and the leading crypto exchange in the country being hacked, user interest in crypto ATMs dwindled and they were eventually shut down as a result.

This is the first time any local crypto exchange has shown interest in launching BTMs in Japan.

FAQs

Is there an ATM for cryptocurrency?

Yes, there are cryptocurrency ATMs, commonly known as Bitcoin ATMs. These ATMs allow users to buy and sell cryptocurrencies using cash or credit/debit cards. Here are some sources providing information on finding cryptocurrency ATMs:
1. Bitcoin ATM Map – Find Bitcoin ATM, Online Rates: Use this map to find Bitcoin ATMs worldwide, providing information on their locations and available services.
2. Bitcoin ATM Near Me Search | Coin ATM Radar: Easily locate a Bitcoin ATM near your location by searching for an address or geo-coordinates.
3. Bitcoin ATM | Find BTC ATM Locations Near You: Explore this Bitcoin ATM map to find locations for buying and selling Bitcoin (BTC) and Bitcoin Cash (BCH).

Are there crypto ATMs in India?

Yes, there are cryptocurrency ATMs, also known as Bitcoin ATMs, in India. As of now, there are known Bitcoin ATMs located in various places in India. Here are some details:
Today, India hosts a couple of Bitcoin ATMs, one located at Workly Nehru Place in Delhi and another at MyOffiz Co-Working Space in Gurgaon.
The first Bitcoin ATM in India was set up in Bengaluru in 2018 by Unocoin, an Indian blockchain solutions company.
There has been a report that the number of Bitcoin ATMs globally has seen fluctuations, with a notable drop in July 2023.

Are crypto ATMs safe?

Yes, Crypto ATMs can be considered safe, but users should follow best practices and security measures to ensure a secure experience. Here are key safety measures associated with Crypto ATMs:
1. User Verification: Most Crypto ATMs offer user verification processes, such as identity verification through government-issued IDs or mobile phone numbers, before completing transactions.
2. Security Audits: Regular security audits of ATM software and infrastructure by independent security experts help identify vulnerabilities and ensure the overall security of the system.
3. Location Safety: Placing Crypto ATMs in safe and secure locations is crucial. A well-monitored and secure environment reduces the risk of tampering or unauthorized access.

Are Bitcoin ATMs legal?

Yes, the legality of Bitcoin ATMs varies across countries and territories. Here are key insights:
1. Global Legal Landscape: The legal status of cryptocurrencies and, by extension, Bitcoin ATMs, varies globally. Some countries have embraced and regulated them, while others may have restrictions or lack clear regulations.
2. Market Growth: The global Crypto ATM market is growing, with a projected market size reaching USD 5,451.0 million by 2030, reflecting a significant expansion in the industry. This growth suggests a level of acceptance in various jurisdictions.
3. Regulatory Challenges: Some regions, like the UK, have actively fought against unlicensed cryptocurrency ATMs. For example, the UK’s Financial Conduct Authority (FCA) has been shutting down illegal Crypto ATMs as part of a six-year effort.

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