Bitcoin Depot, the largest operator of Bitcoin
According to a November 12 announcement, this initiative introduces the company to a new region and supports its plan to offer simple cash-to-crypto access in markets with steady demand.
Bitcoin Depot stated that it hopes to become one of Hong Kong’s five leading Bitcoin ATM operators.
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Hong Kong already has a number of these machines, with CoinATM Radar reporting 223 active units across the city.
The country requires operators of cash-to-crypto ATMs to hold a Money Service Operator license from the Customs and Excise Department. This licensing rule applies to all companies wishing to run such services in the city.
The city has been working to build a clear regulatory environment for digital assets, which sets it apart from mainland China. This approach has helped Hong Kong become a regional hub for projects involving cryptocurrencies and blockchain technology.
Bitcoin ATMs have increased worldwide in recent years; CoinATM Radar notes that the global count has risen by 177% since January 1, 2021, reaching 39,469 machines.
Meanwhile, Australia’s Minister for Cybersecurity and Home Affairs, Tony Burke, recently considered giving the Australian Transaction Reports and Analysis Centre (AUSTRAC) the power to limit or ban crypto ATMs. What did he say? Read the full story.
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