Crypto ATMs Make a Comeback in Japan After a Brief Pause

Crypto ATMs Make a Comeback in Japan After a Brief Pause
  • Crypto ATMs are returning to Japan after a four-year absence.
  • Initial installations will be made in Tokyo and Osaka.

Two of Japan’s most famous crypto advocacy organizations have pushed for lower taxation on individual crypto investors. Requests for tax reform have been made by Japan’s crypto-asset business associations JCBA and JVCEA, which believe that cryptocurrency investments should be taxed at a lower rate. The island nation’s crypto adoption has been hindered by the difficulties outlined in the proposal.

In light of this proposal, it is clear that tax reporting should be made simpler. In addition, the organizations stress the lack of standardization in the system. Other nations’ tax policies on digital assets are also compared. In addition, they emphasize the importance of crypto assets to Japan’s web3 strategy.

After a four-year absence, crypto ATMs have returned to Japan. Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) will soon be supported by Gaia Co., Ltd., a local crypto exchange (LTC) through ATMs.

Relief Despite Withdrawal Limits

Coincheck, a Tokyo-based cryptocurrency exchange, was hacked in 2018 for $530 million, resulting in a lack of interest in digital asset ATMs in Japan, where Bitcoin ATMs were first introduced in 2014.

Initial installations will be made in Tokyo and Osaka, but the company wants to deploy 50 ATMs around the nation over the next year. The business expects to have 130 ATMs installed over the next three years, according to the statement.

At the moment, the ATMs only allow withdrawals up to $747 (about 100,000 Japanese JPY), with a daily withdrawal limit of $2,000 (320,000 yen). Anti-Money Laundering (AML) compliance is the reason for the restricted withdrawals.

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