Great news for our Japanese friends, Bitcoin ATM are making a comeback in the country, after 4 long years! Bad news for tax evasion lovers, it will not be a good solution to avoid taxes.
Bitcoin ATM and Japan, a long-standing love affair
Japan’s first Bitcoin ATM
While many countries have waited years to have Bitcoin ATMs (BTMs), Japan was one of the breakers! While the first BTM IN THE WORLD opened in Canada in November 2013, the first BTM in Japan was on April 17, 2014, only a few months later!
This one belonged to a certain Motonori Kan who had paid $30,000 to the firm Robocoin (ed. note: RIP) to install it in Suzuka, a city located in the prefecture of Mie.
An installation that took place some time after the descent into hell of the exchange Mt.Gox, a story that we reserve for another day.
Tokyo enters the dance
Only 1 month later, the capital city enters the dance and gets its first Bitcoin ATM. The spread of the virus begins and BTMs are found in restaurants and nightclubs in Roppongi, Shibuya, Ginze and other places!
The number of Bitcoin ATMs continues (editor’s note: no more infos …) to grow while Mt.Gox closes its doors and the market sinks into a violent bearmarket.
Japan, which was one of the pioneers of Bitcoin ATMs, is seeing many countries follow suit.
2018, the bearmarket that killed Japanese Bitcoin ATMs
In 2018, crypto investors are under a bit of pressure, the fault of a new evil bearmarket. Plus the ghost of Mt.Gox Bitcoin is looming, raising fears of a market crash (ed. note: 🎶 “Deja Vu! I’ve just been in this time before”🎶).
Due to a lack of interest in cryptos, the number of BTMs is starting to decrease in Japan, but, we’ll say it still passes.
Alas the $530 million hack of the Japanese exchange Coincheck, the regulators will make it a point to … regulate the sector, killing the entire BMT sector. A murder that will leave after-effects until now.
Bitcoin ATM: ただいま(tadaima)
Japanese exchange Gaia Co announced on Tuesday the launch of BTM in the Tokyo and Osaka area.
A launch that will continue over the next 12 months until reaching 50 BTMs to cover the whole of Japan.
Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) lovers will be happy to know that their favorite crypto-currencies will also be supported.
If you’re already thinking of going to Japan to “sneak money out while avoiding the sweet smell of taxes”, not so fast…
An operation, a little bit particular…
Unlike BTMs which simply indicate an address to which to send or receive funds, these ATMs require a special card to make a withdrawal.
To obtain this card you will have to register with Gai Co and most probably pass a KYC… goodbye dear ideas to bypass the taxes of your country.
With a BTM remittance in Japan we can say that the exchange Gai Co sees things in a big way. Let’s note that if the operation is a success, it is already planned to increase to 130 BTM for the horizon 2025. Only one question remains: when will there be a special NFT ATM in Japan?
CEO and Editor-in-Chief of Coinpri I have been navigating the waters of Blockchain for 5 years already.
Wait, I can see the Promised Land of Adoption in the distance.
