Bitcoin Depot (NASDAQ: BTM) is the largest Bitcoin ATM operator in North America and is entering the Asian market by launching new operations in Hong Kong, marking the company's first international expansion into the region.
According to an announcement on Wednesday, this expansion reflects the company's strategy to tap into the strong demand for cash-to-cryptocurrency exchanges. Bitcoin Depot aims to become one of the top five Bitcoin ATM operators in Hong Kong.
"Hong Kong is rapidly becoming a global cryptocurrency hub, with the right combination of regulation, demand, and momentum for growth," said Scott Buchana, President and COO 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-cryptocurrency transactions.
According to Coin ATM Radar, there are currently 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 our operations in Hong Kong meet all applicable requirements, including licensing, anti-money laundering (AML), and know your customer (KYC) standards."
Hong Kong continues to be a regional center for digital asset innovation, with its regulatory framework for digital assets distinguishing it from mainland China.
In November, Franklin Templeton launched a tokenized U.S. dollar money market fund for professional investors in Hong Kong, marking the city's first fully on-chain fund integrating issuance, distribution, and servicing.
Bitcoin ATMs are self-service terminals that allow users to buy or sell Bitcoin using cash or debit cards. According to CoinATM Radar, their number has increased by 177% since January 1, 2021, reaching 39,469 machines.
The U.S. leads with 30,869 Bitcoin ATMs, but growth is faster elsewhere. For example, Australia surged from just 21 machines in 2021 to 2,019 today, becoming the third-largest Bitcoin ATM hub after the U.S. and Canada.
Bitcoin ATMs face resistance in both countries. In the U.S., the FBI has warned of a rising rate of criminal use of cryptocurrency ATMs, reporting nearly 11,000 fraud complaints in 2024 involving over $246 million.
Some U.S. cities have chosen to completely ban these machines, while several states are taking steps to restrict their operations.
In Australia, the country's Minister for Cyber Security and Home Affairs, Tony Burke, stated in November that while the government does not advocate for a complete ban on cryptocurrency ATMs, new legislation aims to empower the Australian Transaction Reports and Analysis Centre (AUSTRAC) to do so.
Related: Santiment: Poor crypto sentiment may drive an "unexpected rebound" this month
Original article: “Bitcoin Depot Expands into Hong Kong, Advancing Asian Expansion”
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