New Zealand Bans Crypto ATMs to Combat Money Laundering While Promising to Support Legit Crypto Businesses
Main Idea
New Zealand is banning crypto ATMs to combat money laundering, as part of broader AML reforms aimed at removing illicit financial networks while maintaining a business-friendly environment.
Key Points
1. New Zealand intends to ban crypto ATMs to tackle money laundering, as criminals use them to convert cash into digital assets.
2. The ban is part of AML reforms targeting money laundering networks while supporting legitimate businesses.
3. The Financial Intelligence Unit will classify businesses by risk level, with lower-risk entities facing fewer verification requirements.
4. Crypto ATMs lack KYC requirements, making them vulnerable to criminal exploitation, with fees as high as 5-10% per transaction.
5. Similar regulatory actions are seen in Australia, where AUSTRAC has imposed rules to curb crypto ATM misuse, particularly targeting vulnerable groups.
Description
New Zealand intends to ban crypto ATMs to tackle money laundering operations in the country. Criminals use crypto ATMs to convert cash into digital assets. The New Zealand government is concerned that criminals operating in the country are connected with global crypto operations. 38,537 crypto ATMs are operating in 67 countries, connecting retail users with
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