After grand success in Canada, Robocoin Technologies, the company that opened the world’s first Bitcoin automated teller machine, is all set to open BTC ATMs in Hong Kong and Taiwan. The best part about Hong Kong is that here Robocoin Technologies won’t need regulatory approval from the Hong Kong Monetary Authority to provide the machines.
ForexMinute had previously reported that Robocoin Chief Executive Jordan Kelley had said that an ATM for the virtual currency may be ready in Hong Kong by the end of this month.
Though there were some reservations about the legalities of the installation of Bitcoin ATMs, the regulator in Hong Kong says that it appears that the proposed machine is another channel for acquiring Bitcoin or a vending machine.
However, as Bitcoin is not regulated by the HKMA, as there is not much information about it and it is still not a currency but a virtual commodity, Robocoin Technologies may not need any permission for installing BTC ATM. At the same time it has to be cleared that Hong Kong’s laws imposes punishment on the illegal act of theft, fraud and money laundering involving Bitcoin.
According to the HKMA Bitcoin doesn’t have any backing and doesn’t meet the criteria of a means of payment or an electronic currency. However, it has to be seen how much protection Bitcoin users receive in situation they are face Bitcoin theft, fraud. Considering the fact that Robocoin Technologies may go ahead now and install BTC ATM in Hong Kong, it will be better for the virtual currency users.
Robocoin Technologies Optimistic about Taiwan despite Obstacles Ahead
Though Robocoin Technologies said earlier that it will be opening BTC ATMs in Taiwan, the country’s regulator ‘Financial Supervisory Commission’ says that it won’t allow Bitcoin ATMs on the island. In his statement Tseng Ming-Chung, minister at the commission, said in Taipei that Bitcoin isn’t a real currency and is a highly speculative virtual product.
The objections have also been put by Taiwan’s central bank. However, there is no clear indication that Robocoin Technologies cannot open BTC ATM as it can still seek permission. If Hong Kong gives headway for BTC ATM in Asia, some other countries may also open their gates for it.
Currently, the Hong Kong Monetary Authority is monitoring Bitcoin’s usage and regulatory developments elsewhere and it will be after a lot of deliberations that it will have its own policy.
To contact the reporter of this story: Deepak Tiwari at deepak@forexminute