After four years, Japan is bringing back its first crypto ATM

Local exchange Gaia Co. is set to roll out crypto ATMs in Tokyo and Osaka and has outlined plans for 130 of them over the next three years.

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

Local crypto exchange company Gaia Co., Ltd announced on August 2 that it will soon be rolling out BTMs supporting Bitcoin (BTC), Ethereum (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 crypto winter of 2018 which saw local exchange Coincheck hacked for $530 millions of dollars, bringing the local industry to its knees and declining interest in crypto ATMs.

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

BTMs will allow users to withdraw a maximum of $747 (100,000 yen) per transaction, with a maximum withdrawal limit of $2,243 (300,000 yen) per day. Restricted withdrawals are part of anti-money laundering compliance measures.

BTM: Gaia Co., Ltd

< p>According to an August 3 report by local media outlet Mainichi Shimbun, Gaia's move will mark the first time a locally registered crypto company will install crypto ATMs in Japan.

To withdraw funds from BTMs, users must t...