The Gaia trading platform, against the backdrop of the global growth in the number of crypto ATMs, the development of the crypto industry and the regulation of the industry, is returning crypto-ATM to Japan.
Japanese cryptocurrency exchange Gaia announced that it intends to install crypto ATMs in the country’s largest cities, Tokyo and Osaka. Initially, the hardware will support the four largest digital assets by market capitalization: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). In the next 12 months, the company plans to deploy 50 cryptomats, and in three years the number should increase to 130.
ATMs will allow you to withdraw a maximum of 100,000 yen ($747) per transaction, with a 24-hour limit of 300,000 yen ($2,240). The restrictions will allow the exchange to follow the rules set out in Japan’s anti-money laundering guidelines. Gaia Trading Platform President Motohiro Ogura stressed that this is the first time a local exchange has installed a cryptocurrency ATM in the country:
“There is a sense of security that cryptocurrencies can be immediately converted into cash. Digital currency tends to attract attention only for investments, but it has the potential of a settlement currency. So we want to expand the market.”
Recall that although Japan is one of the financial centers of Asia, in 2018, local authorities removed all cryptomats in the country.
According to the analytical service Coin ATM Radar for June, about 22 new cryptomats are installed daily in the world, and the total network infrastructure has reached 37,338 devices. The crypto ATM market is not only growing in the real world, but also penetrating into the virtual space. Recently, the Decentraland metaverse, together with the Transak payment service, offered virtual land owners to host virtual crypto ATMs.