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Ban on Crypto ATMs in New Zealand: Tackling Financial Crimes

Ban on Crypto ATMs in New Zealand: Tackling Financial Crimes

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by Giorgi Kostiuk

6 hours ago

New Zealand has announced a ban on cryptocurrency ATMs as part of its efforts to combat money laundering. The government is focusing on preventing criminal schemes.

Ban on Cryptocurrency ATMs

New Zealand plans to outlaw cryptocurrency ATMs to prevent illegal cash-to-crypto exchanges. This decision was announced by Associate Justice Minister Nicole McKee.

Crackdown on Financial Crimes

The government aims to strengthen legislation by granting new powers to police and regulators. Laws will limit international money transfers to $5,000 to reduce attacks from criminal groups.

Global Crypto ATM Infrastructure

Globally, there are 38,537 cryptocurrency ATMs operating across 67 countries. New Zealand's ban contrasts with the global trend of adopting crypto ATMs recognized as legitimate financial service components.

This move highlights New Zealand's commitment to creating a balanced system that combats crime without hindering legitimate business operations.

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