Bitcoin Depot enters Hong Kong as part of Asian expansion

Nate Kostar 2 minutes ago Bitcoin Depot enters Hong Kong as part of Asian expansion The largest Bitcoin ATM operator in North America is expanding to Hong Kong, citing growing global demand for cash-to-crypto access. Listen 0:00 11 News COINTELEGRAPH IN YOUR SOCIAL FEED 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 an announcement on Wednesday, the expansion reflects 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, Bitcoin Depot’s president and chief operating officer. Bitcoin ATMs in Hong Kong must obtain a Money 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 worked closely with local partners to ensure our Hong Kong operations meet all applicable requirements, including licensing, AML, and KYC standards.” Source: Coin ATM Radar Hong Kong continues to emerge as a regional hub for digital asset innovation, as its regulatory framework for digital assets sets it apart from mainland China. In November, Franklin Templeton launched a tokenized US dollar money market fund for Hong Kong’s professional investors, marking the city’s first fully onchain fund that integrates issuance, distribution and servicing. Related: Romania's postal service installs first Bitcoin ATM The controversy around Bitcoin ATMs A Bitcoin ATM is a kiosk that lets users buy or sell Bitcoin using cash or debit cards. Since Jan. 1, 2021, their number has grown by 177% to 39,469, according to data from CoinATM Radar . The United States leads with 30,869 Bitcoin kiosks, but growth has been faster elsewhere. Australia, for instance, has surged from just 21 machines in 2021 to 2,019 today, becoming the third-largest hub for Bitcoin ATM s, behind the US and Canada. Source: Coin ATM Radar Bitcoin ATMs have faced pushback in both countries. In the US, the FBI has warned of rising criminal use of crypto kiosks, reporting nearly 11,000 fraud complaints worth over $246 million in 2024. Some US cities have chosen to ban the machines entirely, while several 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 isn’t advocating an outright ban on crypto ATMs , new legislation aims to provide the Australian Transaction Reports and Analysis Centre (AUSTRAC) with the power to do so. Magazine: Big Questions: Did a time-traveling AI invent Bitcoin? # Bitcoin # ATM # Canada # Hong Kong # Business # Australia # United States Add reaction