The New Zealand government is taking decisive steps against financial crimes by banning crypto ATMs and capping international cash transfers.
Government's Strict Action Against Financial Crimes
Associate Justice Minister Nicole McKee announced the decision to create a bill that expands powers for police and regulators to address financial crime in the country. She emphasized that the government is serious about targeting criminals and enforcing regulators' powers to tackle money laundering.
Key Highlights of the Crypto Kiosks Ban in New Zealand
The ban will halt the operation of approximately 220 crypto ATMs in the country, aiming to reduce any illicit use of financial systems. Following the Ministerial Advisory Group's findings that criminals often use crypto ATMs to trade with offshore criminals, the government took immediate action. Additionally, international transfers will be capped at $5,000 to curb money laundering and criminal finance.
New Zealand Aspires to Be the Most Secure Region for Crypto
During the press release, Associate Justice Minister Nicole McKee stated that New Zealand aims to be the easiest place for legitimate crypto trading. The country is motivated to implement stricter laws to make it harder for criminals to hide. "By cutting unnecessary red tape, we’re giving honest businesses room to grow, while sharpening our focus on serious threats," McKee said.
Janine Grainger, co-founder of Easy Crypto, applauded the government's decision to ban crypto ATMs, ensuring customer safety. Many other industry leaders have commended this crackdown as a necessary step to end crypto crime.
