Bitcoin Depot (NASDAQ: BTM), the largest Bitcoin ATM operator in North America, is entering the Asian market with a new launch in Hong Kong, marking the company’s first international expansion into the region.
According to a announcement On Wednesday, the expansion reflected a strategy to reach markets with strong demand for easy cash-to-crypto conversion. Bitcoin Depot aims to be among the top five Bitcoin ATM operators in Hong Kong, it said.
“Hong Kong is quickly becoming a global center for crypto, with the right mix of regulation, demand, and momentum,” said Scott Buchana, president and chief executive officer of Bitcoin Depot.
Bitcoin ATMs in Hong Kong must obtain a currency service operator license from the customs and excise department to Legally facilitate cash-to-crypto transactions.
According to Data From Coin ATM Radar, there are 223 Bitcoin ATMs operating in the city.
A company spokesperson also told Cointelegraph that its “compliance team is working closely with local partners to ensure that our Hong Kong operations meet all applicable requirements, including licensing, AML, and KYC standards.”
Hong Kong continues to emerge as a regional hub for digital asset innovation, as such The regulatory framework for sets of digital assets Apart from mainland China.
In November, Franklin Templeton launched a Tokenized US Dollar Money Market Fund For professional investors of Hong Kong, which marks the first full-fledged Onchain fund that integrates issuance, distribution and servicing.
Related: The Romanian Postal Service has installed the first Bitcoin ATM
The controversy surrounding bitcoin ATMs
A Bitcoin ATM is a kiosk that allows users to buy or sell bitcoin using cash or a debit card. Since January 1, 2021, their number has grown by 177% to 39,469, according to data from Coinatm Radar.
The United States leads the way with 30,869 bitcoin kiosks, but growth is faster elsewhere. For example, Australia has gone from just 21 machines in 2021 to 2,019 today, making Third-largest hub for Bitcoin ATMsS, behind the US and Canada.
Bitcoin ATMs are facing pushback in both countries. In the US, the FBI has warned of the increasing criminal use of crypto kiosks, reporting nearly 11,000 fraud complaints worth more than $246 million in 2024.
How many US cities have chosen to ban the machines All in all, while some states are moving to restrict their operations.
In Australia, Tony Burke, the country’s minister for cybersecurity and home affairs, said In November that while the government did not promote a straightforward Ban on crypto atmsThe new law aims to give the Australian Transaction Reports and Analysis Center (AUSTRAC) the power to do this.
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