New Zealand has announced a ban on cryptocurrency ATMs and a $5,000 cap on international transfers.
Ban on Crypto ATMs
New regulations spearheaded by Associate Justice Minister Nicole McKee prohibit crypto ATMs. This measure aims to combat money laundering while protecting legitimate businesses from excessive bureaucracy.
Limit on International Transfers
New Zealand is imposing a limit of $5,000 on international cash transfers. This restriction aims to reduce the capacity of criminal organizations to transfer funds offshore, aligning with similar measures adopted in other countries.
Expected Decline in Local Transactions
These regulations are expected to lead to a decrease in localized crypto transaction volumes, as many users depend on ATMs for transactions. Financial privacy advocates have expressed their concerns regarding the new policy.
New Zealand's regulatory actions focus on enhancing financial transparency and addressing criminal activities. These measures may alter user behavior and prompt further discussions about the future of the crypto industry in the country.
