More NewsBitcoin ATMs Coming to Hong Kong, not Taiwan

Bitcoin ATMs Coming to Hong Kong, not Taiwan

RoboCoin Technologies, which recently introduced ‘Bitcoin automated teller machines (ATMs)’ in Canada, is bringing its kiosks to Hong Kong. The Las Vegas-based company plans to install the first ATM in Hong Kong by the end of the month.

The move is part of RoboCoin’s global expansion plan. “We have many Asian countries seeking to enhance consumer capability to buy and sell Bitcoin securely and safely,” said RoboCoin chief executive (CEO), Jordan Kelley.

No regulatory approval from the Hong Kong Monetary Authority (HKMA) is required, according to
the South China Morning Post
. “Bitcoin is not regulated by the HKMA,” the regulator said. “Bitcoin is not a currency, but a virtual commodity.”

Taiwan’s regulator, the Financial Supervisory Commission (FSC), also believes Bitcoin is not a currency and for that very reason has blocked RoboCoin from bringing its machines to Taiwan. The FSC banned financial institutions (FIs) from Bitcoin conversion. “FIs may not accept Bitcoins or provide conversion in an effort to avoid consumer disputes and related trading risks,” the regulator said in a statement.

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