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Local exchange Gaia Co. will launch cryptocurrency ATMs in Tokyo and Osaka, outlining plans for 130 over the next three years.

Crypto ATMs (or BTMs in local terms) are back in Japan after a four-year hiatus.

Local cryptocurrency exchange company Gaia Co., Ltd announced Tuesday that it will soon launch a BTM that supports bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC).

Although Bitcoin ATMs debuted in Tokyo as early as 2014, the country has not seen any active digital asset ATMs since the 2018 crypto winter, when local exchange Coincheck was hacked, losing $530 million, Paralyzed and resented the local industry. Interest in cryptocurrency ATMs.

Initially, the BTMs will be installed at locations in Tokyo and Osaka, but the company has announced plans to build 50 BTMs across the country over the next 12 months. The company said it hopes to increase the installed base to 130 BTMs over the next three years.

BTM will allow users to withdraw up to $747 or 100,000 yen per transaction, with a maximum daily withdrawal cap of $2,243 or 300,000 yen. Restricting withdrawals is part of anti-money laundering (AML) compliance measures.

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BTM: Gaia Ltd.

According to a report by local news outlet Mainichi Shimbun on Wednesday, Gaia’s move will mark the first time a locally registered cryptocurrency company has installed a cryptocurrency ATM in Japan.

To withdraw funds from BTM, users must register a special card with the company for them to access. Once approved, users can send crypto assets to BTM via their smartphones and then withdraw the amount in cash in Japanese yen.

The Japanese branch noted that BTM will help speed up the country’s current withdrawal process, which typically takes days to transfer funds from the exchange to a local bank account.

Crypto Interest Resurfaced?

The Coincheck hack, along with the $500 million hack of the Mt. Gox cryptocurrency exchange in 2014, eventually led the government to opt for a hands-off approach and hand over oversight to the self-regulatory body Japan Virtual Currency Exchange Association (the Japan Virtual Currency Exchange Association). ). JVCEA).

However, the government appears to have renewed interest in helping the market boom this year.

As previously reported in July, Japan’s Financial Services Agency (FSA) issued a “stern warning” to the JVCEA to speed up the implementation of anti-money laundering regulations.

Meanwhile, Prime Minister Fumio Kishida also called on the entity to expedite its lengthy screening process for applications to list new digital assets on the local stock exchange.

Last month, Cointelegraph reported that the Ministry of Economy, Trade and Industry (METI) has opened a Web3 Policy Office within the Secretariat of the Minister. The newly formed entity will work to develop an innovative business environment for Web3 companies and introduce regulations to support the industry.

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