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New Zealand will ban crypto ATMs and cap international cash transfers at $5K.
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The move is part of a broader anti-money laundering reform.
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Police and regulators will get expanded enforcement powers.
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Industry leaders welcome the ban as a step toward compliance.
AML Shake-Up Targets Crypto Kiosks
New Zealand’s government will outlaw crypto ATMs and enforce a $5,000 cap on international cash transfers to combat money laundering and organized crime. The reforms were announced by Associate Justice Minister Nicole McKee.
Expanded Powers for Financial Surveillance
New legislation will expand enforcement authority, enhance data access for the Financial Intelligence Unit, and consider a levy to fund AML operations. The government aims to deter illicit finance without overburdening compliant businesses.
Industry Reaction: A Sign of Maturity
Crypto trading platform Easy Crypto applauded the move, calling it a “maturing” step for the industry. The ban affects high-risk use cases, as ATMs are often tied to scams and illicit finance, with fees that can reach 20%.
Part of Global Crackdown on Crypto ATMs
Countries like Australia and the U.S. have taken similar actions, citing fraud concerns and the need for stricter KYC enforcement. New Zealand joins the trend with 221 crypto ATMs set to go offline in the coming months.
