August 12, 2022

One of the leading economies in Asia – Japan – will have cryptocurrency automated teller machines (ATMs) again. Despite being a financial hub, the country removed all of these devices in 2018 after the local exchange was hacked.

The number of cryptocurrency ATMs around the world has grown rapidly in the past few years. Currently, the undisputed leader is the USA, with almost 34,000 machines.

Japan takes a step into the world of crypto

Japanese authorities have not always been against crypto ATMs. Before the bear market in 2018, the country had a lot of these machines. However, a major hack of digital asset platform Coincheck changed their stance. At the beginning of 2018, violators breached its security and drained Nearly $500 million worth of NEM tokens, causing lawmakers to shut down all crypto ATMs.

according to press releaseThis trend will not continue as the local Gaia Exchange will install ATMs in Tokyo and Osaka. Initially, the hardware will support four of the largest digital assets by market capitalization: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

The company plans to deploy 50 crypto ATMs in the next 12 months, while the number is supposed to increase to 130 in the next three years.

The devices will enable Japanese consumers to withdraw a maximum of 100,000 yen ($747) per transaction, while the maximum for 24 hours will be 300,000 yen ($2,240). This is part of the AML guidelines that Gaia wants to follow.

Gaia chief Motohiro Ogura highlighted the move, saying that it was the first time a local exchange had installed crypto ATMs in the country.

“There is a sense of security that BTM can be instantly monetised. Virtual currency tends to attract attention not only for investment, but it also has potential as a settlement currency. And I want to expand.”

Who leads the group?

Speaking about the number of cryptocurrency ATMs, it is worth noting the United States of America, which ranks first in the world. The country has approximately 34,000 machines, or about ten machines per 100,000 citizens. Canada ranks second with nearly 2,500 crypto ATMs.

Interestingly, due to its small area, the Special Administrative Region of China – Hong Kong – has the largest density of ATMs. Residents can find one machine every 7 kilometers, while Switzerland comes in second with one ATM every 260 kilometers.

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