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One of Asia’s major economies – Japan – will once again have cryptocurrency automated teller machines (ATMs). Despite being a financial center, the country removed all such devices in 2018 after a local exchange was hacked.

The number of cryptocurrency ATMs around the world has increased rapidly over the past few years. Currently, the undisputed leader is the United States, with nearly 34,000 machines.

Japan takes a step into the cryptocurrency world

Japanese authorities are not always against crypto ATMs. Before the 2018 bear market, the country had plenty of such machines. However, a major hack against digital asset platform Coincheck changed their stance. In early 2018, criminals breached its security and drain Its NEM token is worth nearly $500 million, which has led lawmakers to shut down all cryptocurrency ATMs.

according to a Press release, this trend will no longer continue as local exchange Gaia will install ATMs in Tokyo and Osaka. Initially, the machines will support four of the largest digital assets by market capitalization: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

The company plans to deploy 50 encrypted ATMs in the next 12 months, and in the next three years, their number will increase to 130.

The machines will allow Japanese consumers to withdraw up to 100,000 yen ($747) per transaction, with a 24-hour maximum of 300,000 yen ($2,240). This is part of the anti-money laundering guidelines that Gaia wishes to follow.

Gaia president Motohiro Ogura highlighted the move, saying it was the first time a domestic exchange had installed a cryptocurrency ATM in the country.

“There is a sense of security that BTM can be instantly exchanged for cash. Virtual currency tends to attract attention just for investment, but it also has potential as a settlement currency. I want to expand,” he concluded.

Who leads the trend?

When it comes to the number of cryptocurrency ATMs, it is worth mentioning the United States, which leads the world. The country has nearly 34,000 machines, or about 10 devices per 100,000 citizens. Canada came in second with nearly 2,500 crypto ATMs.

Interestingly, due to its small size, the special administrative region of China – Hong Kong – has the largest density of ATMs. Residents can find an ATM every 7 kilometers, with Switzerland in second place with one ATM every 260 kilometers.

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