Bitcoin Depot enters Hong Kong as part of Asian expansion

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

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.

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 ATMs, behind the US and Canada.

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.

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