Inside a tiny self-service laundromat in Quarry Bay in the east of Hong Kong Island, next to a wall of washing machines, stands a waist-high cryptocurrency terminal with signs reading “Elon Musk recommends Dogecoin” and “Buy bitcoin in one minute”.

In order to obtain Dogecoin through the ATM, customers feed Hong Kong dollar notes into a slot and scan a QR code. The equivalent amount in cryptocurrency is then credited into their digital wallet.

Such machines have proliferated across the city in recent years as interest in cryptocurrencies has risen. Many are installed at 24-hour unstaffed shops such as laundromats and claw-machine arcades.

As of 2024, the Securities and Futures Commission (SFC) found about 200 virtual asset…