Crypto ATMs – alternatively referred to as BTMs per local terminology – have reportedly been brought back to Japan, following a lengthy four-year hiatus.

Specifically, Japan-based crypto exchange company Gaia Co., Ltd reportedly revealed that it aims for an introduction of BTMs which come with supporting features for Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

Regardless of the debut of Bitcoin ATMs carried out in Tokyo in 2014, the nation has not witnessed any active digital asset ATMs since the crypto winter of 2018, which had local exchange Coincheck suffering a $530 million financial damage, hobbling the local industry and negatively affected the interest level in crypto ATMs.

Previously, the installations of the BTMs were set to be conducted in locations throughout Tokyo and Osaka, but the company has generated plans to set up 50 BTMs throughout the nation within the next 12 months. 

The company reportedly shares a hope to amplify the installed base to 130 BTMs within a three-year period.

The BTMs will reportedly make it possible for users to conduct withdrawals for up to $747 – equivalent to 100,000 Japanese yen – for every transaction, with a max withdrawal cap of $2,243, or 300,000 yen, per day. 

The limited withdrawals are part of Anti-Money Laundering (AML) compliance measures.

This initiative from Gaia will reportedly go down in history as the first incident of a locally-registered crypto establishment completing the installation of crypto ATMs in Japan.

To carry out withdrawals for funds from the BTMs, it will reportedly be mandatory for users to complete registration with the firm to acquire a particular card that allows for access to do so. 

As soon as the approval is acquired, users will be able to send crypto assets to the BTM via a smartphone and then withdraw the cash amount in yen.