The New Zealand government has decided to ban crypto ATMs and set a limit on international cash transfers at NZD 5,000. These measures aim to combat money laundering and organized crime.
Ban on Crypto ATMs in New Zealand
New Zealand will ban the operation of 221 crypto ATMs that have been running in the country. This decision is part of a new program to enhance financial security, aimed at combating criminal financial activities.
Reasons for the Ban
Deputy Justice Minister Nicole McKee announced that the new measures will expand the powers of police and financial regulators. She emphasized that targeting crime will be a priority: "This government wants to go after criminals with determination. Our aim is to make New Zealand the easiest place in the world to do legitimate business and the hardest place for criminals."
Industry Reactions
Some participants in the crypto industry welcomed the bill positively. Janine Grainger, co-founder of crypto exchange Easy Crypto, stated: "We've been watching the rapid proliferation of crypto ATMs, but we want this growth to proceed safely and compliantly. That's why we support the ban." Founder of the Giottus exchange Arjun Vijay also noted that without security measures, misuse of such devices is inevitable. The new measure is often seen as a step towards a safer financial ecosystem.
The ban on crypto ATMs in New Zealand can be viewed as a necessity for creating a secure financial environment and combating potential violations. This decision also reflects global trends in cryptocurrency regulation.
