The Comeback of Crypto ATMs in Japan

After taking a long four-year nap, crypto ATMs—affectionately known as BTMs in local jargon—are making their dramatic return to Japan. This necessary reboot is thanks to Gaia Co., Ltd, a local crypto exchange firm eager to sprinkle some Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) into the nation’s digital economy.

A Bumpy History

Japan was once the shining star of the crypto ATM scene, with the first machines popping up as early as 2014. But after the infamous Coincheck hack in 2018, which effectively snatched $530 million and left the local crypto landscape in disarray, these digital withdrawal wonders were sent into hibernation. Crypto ATMs went extinct, leaving enthusiasts yearning for a bite of the digital apple.

The Re-emergence Plan

Gaia Co., Ltd is strutting onto the scene with ambitious plans to unleash a magnificent 50 BTMs across Tokyo and Osaka within the next year. Better yet, they aim for a grand total of 130 machines over the next three years. Talk about thinking big! These machines will allow users to withdraw a maximum of ¥100,000 (or about $747) per transaction and ¥300,000 (around $2,243) per day, but let’s not forget: there’s always a catch. These limits are part of Anti-Money Laundering compliance measures, because who doesn’t love a good regulation?

How to Access the BTMs

So, how can eager users get their hands on these shiny new machines? First, they’ll need to register with Gaia to obtain a special access card. Once you’re in, it’s as easy as sending your crypto assets via smartphone and watching your cash explode into yen. It’s like magic, but backed by Blockchain!

Is Japan Ready to Embrace Crypto Again?

With the weight of the Coincheck and Mt. Gox hacks lingering in the air, Japan initially opted for a laissez-faire attitude towards crypto regulation. But hold on to your hats, folks—this year, there seems to be a renewed enthusiasm from the government to play nice with the crypto community. Japan’s Financial Services Agency has recently urged the Japan Virtual Currency Exchange Association (JVCEA) to get its act together regarding Anti-Money Laundering regulations. Prime Minister Fumio Kishida has also been busy nudging the JVCEA to expedite its rather sluggish screening process for new digital asset listings. In short, it’s a new chapter for Japan, and who knows, maybe we’ll see exhibitions of crypto culture sprouting across the Land of the Rising Sun!