New Zealand Wants to Ban Crypto ATMs in Anti-Money Laundering Overhaul
2025-07-09 09:07:46
Main Idea
New Zealand's government plans to ban cryptocurrency ATMs and set a $3,000 limit on international cash transfers as part of an anti-money laundering and counter-terrorism financing overhaul.
Key Points
1. New Zealand's government proposes banning crypto ATMs to strengthen its AML/CFT regime.
2. The country currently has 221 crypto ATMs installed, according to Coin ATM Radar.
3. Associate Justice Minister Nicole McKee announced a proposed upper limit of 5,000 NZD ($3,000) for international cash transfers.
4. The measures aim to reduce risks of money laundering and terrorism financing in the financial system.
Description
New Zealand's government plans to ban crypto ATMs as part of an overhaul of its anti-money laundering and countering the financing of terrorism (AML/CFT) regime. The government wants to target the means criminals use to "convert cash to high-risk assets such as cryptocurrencies," according to an announcement by Associate Justice Minister Nicole McKee on Wednesday. McKee also proposed setting an upper limit of 5,000 new zealand dollar ($3,000) for international cash transfers to make it harder fo...
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