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Bitcoin ATMs Return to Tokyo, Osaka for the first time since 2018

Bitcoin ATMs will return to Japan for the first time since 2018 crypto winter – with citizens in Tokyo and Osaka finally able to trade crypto from machines other than phones and their PCs.

Cryptocurrency ATMs, commonly known as BTMs in Japan and elsewhere, were once common in major commercial areas, but fell out of favor following the horrific Coincheck hack in early 2018 that sent shockwaves through the industry. Japan’s cryptocurrency industry has to suffer.

Cryptocurrency investments fell out of favor in the aftermath, with confidence being shaken by the Mt. Gox 2013-14. As a result, Japan, once the center of the crypto market, saw BTMs shut down and shut down for several months after the Coincheck crash.

According to Mainichi and Nikkei, it has been four years since BTM operated in Japan. But to this day, that’s no longer the case – with machines now installed in both Tokyo and Osaka.

In a press release, Gaia BTM, the company behind the move, revealed that the machines will allow traders to buy or sell BTC, as well as ethereum (ETH), bitcoin cash (BCH) and litecoin ( LTC).

Gaia BTM announced that they will continue to roll out machines nationwide in the coming months and aim to have 50 BTMs up and running within a year. It also aims to expand that number to 130 over the next three years.

The media noted that this would mark a new beginning for the Japanese crypto industry, as no Japanese company recognized by the regulator has ever operated a BTM in the country – All equipment was previously the brainchild of foreign companies or unregistered domestic apparel.

Gaia BTM, based in Osaka, is also a licensed cryptocurrency exchange – meaning the company can use its own trading platform to execute trades.

The company added that it has integrated “crime measures” for the devices to identify possible money laundering attempts.

Withdrawals will be allowed in units of 1,000 yen ($7.64), with a limit of $764 set for transactions. The user’s daily withdrawal amount will also be capped at $2,290.

The company’s CEO was quoted as explaining that BTM provides crypto investors with a “sense of security,” as they allow people to “convert their [cryptocurrency] into instant cash.”

The company added that it wants to “expand” into crypto-related payments, claiming that coins like BTC have the potential to become a “payment currency.”