After four years, Japan brings back its first crypto ATM

After four years, Japan brings back its first crypto ATM
Adoption & Regulations
Like? Do Rank It! Likes

Crypto ATMs — or BTMs as per local terminology — are back in Japan after a lengthy four-year hiatus.

Local crypto exchange firm Gaia Co., Ltd announced on Aug. 2 that it will soon roll out BTMs that support Bitcoin (), Ethereum (), Bitcoin Cash (), and Litecoin ().

Despite Bitcoin ATMs having made their debut 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 million, bringing the local sector to its knees and souring interest in crypto ATMs.

Initially, the BTMs will be installed in locations across Tokyo and Osaka, but the firm has outlined plans to set up 50 BTMs across the country within the next 12 months. The company said it hopes to increase the installed base to 130 BTMs within the next three years.

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

BTM: Gaia Co., Ltd

According to an Aug. 3 report from local media outlet Mainichi Shimbun, the move from Gaia will mark the first time a locally-registered crypto company has installed crypto ATMs in Japan.

To withdraw funds from the BTMs, users need to register with the company to obtain a special card that grants them access to do so. Once approved, users can send crypto assets to the BTM via a smartphone and then withdraw the cash amount in yen.

The BTMs will help speed up the current withdrawal process in the country which often takes a few days to wire funds from an exchange to a local bank account, the Japanese-language outlet noted.

Crypto interest resurfacing?

The Coincheck hack, along with the $500 million hack on the Mt.Gox crypto exchange in 2014 ultimately resulted in the government opting for a hands-off approach by assigning oversight to the self-regulatory agency, Japan Virtual Currency Exchange Association (JVCEA).

However, it appears the government has had a renewed interest in helping the market prosper this year.

Related: Japan’s crypto groups call for end of taxing paper gains

As previously reported in July, Japan’s Financial Services Agency (FSA) gave the JVCEA “stern warnings” to speed up its rollout of AML regulation.

Meanwhile, prime minister Fumio Kishida has also called on the entity to speed up its lengthy screening process for new digital asset listing applications from local exchanges.

Last month Cointelegraph reported that The Ministry of Economy, Trade, and Industry (METI) opened up its landmark Web3 Policy Office in the Minister’s Secretariat. The newly established entity will work to develop an innovative business environment for Web3 companies, along with the roll-out of regulation to support the sector.

Crypto Daily - Crypto And Financial News 11/08/2022 Ripple Buying Celsius?
japan eu eth/usd
4 hours ago

In Todays Headline TV CryptoDaily News: BitPay partners Cardlytics for cash back rewards. BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, added a reward program to its BitPay Prepaid Card. Cardlytics, a cash-back rewards platform, is managing the rewards where the BitPay cardholder automatically receives cash back on purchases. Hackers have stolen $1.4 billion this year using crypto bridges. Crypto bridges, which link blockchain networks together, have become major targets for cybercriminals. A total of around $1.4 billion has been lost to breaches on cross-chain bridges this year, according to figures from blockchain analytics firm Chainalysis. Ripple Labs 'interested' in bankrupt crypto lender Celsius' assets. San Francisco-based blockchain payments company Ripple Labs Inc is interested in potentially purchasing assets of bankrupt crypto lender Celsius Network, according to a company spokesperson. BTC/USD exploded 2.9% in the last session. The Bitcoin-Dollar pair exploded 2.9% in the last session. The Stochastic indicator is giving a negative signal. Support is at 22289.6667 and resistance at 24337.6667. The Stochastic indicator is giving a negative signal. ETH/USD skyrocketed 7.5% in the last session. The Ethereum-Dollar pair skyrocketed 7.5% in the last session. According to the CCI, we are in an overbought market. Support is at 1599.2733 and resistance at 1841.3733. The CCI points to an overbought market. XRP/USD skyrocketed 2.6% in the last session. The Ripple-Dollar pair skyrocketed 2.6% in the last session. The MACD is giving a negative signal. Support is at 0.3499 and resistance at 0.3887. The MACD is currently in negative territory. LTC/USD skyrocketed 4.3% in the last session. The Litecoin-Dollar pair gained 4.3% in the last session after rising as much as 5.2% during the session. The Stochastic-RSI is giving a negative signal. Support is at 55.5833 and resistance at 64.6433. The Stochastic-RSI is currently in negative territory. Daily Economic Calendar: IE Consumer Price Index The Consumer Price Index is a measure of price movements made by comparing the retail prices of a representative shopping basket of goods and services. The Irish Consumer Price Index will be released at 10:00 GMT, Japan's Foreign Investment in Japan Stocks at 23:50 GMT, the US Continuing Jobless Claims at 12:30 GMT. JP Foreign Investment in Japanese Stocks Securities investment referrers to bonds issued in a domestic market by a foreign entity in the domestic market’s currency. US Continuing Jobless Claims The Counting Jobless Claims measure the number of individuals who are unemployed and are currently receiving unemployment benefits. JP Foreign Bond Investment The Foreign Bond Investment refers to bonds issued in a domestic market by a foreign entity in the domestic market’s currency. Japan's Foreign Bond Investment will be released at 23:50 GMT, the US Initial Jobless Claims at 12:30 GMT, the Irish HICP at 10:00 GMT. US Initial Jobless Claims The Initial Jobless Claims is a measure of the number of people filing first-time claims for state unemployment insurance. IE HICP The HICP is a measure of price movements or inflation harmonized across EU Member States. It is similar to the national Consumer Price Indices (CPI). Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

BlackRock announces the launch of a new private spot Bitcoin trust
18 hours ago

The move comes one week after its partnership with Coinbase to provide institutional clients with crypto trading access.