Due to rising financial crimes, the New Zealand government took a bold step to ban crypto ATMs and cap international cash transfers at $5,000. As the officials noted that crypto kiosks mainly attract users seeking anonymity to covert illegal funds, the industry leaders supported the government’s decision to ban Bitcoin banks.
Associate Justice Minister Nicole McKee announced the decision on Wednesday. The legislation is creating a bill that expands powers for police and regulators to address financial crime in the country. McKee emphasised that the government is serious about targeting criminals and enforcing the powers of regulators to crack down on money laundering criminals.
She stated, “We are committed to combating illicit fund flows and criminal activities associated with cash and cryptocurrency.”
Nicole McKee assured that the new approach will develop more clarity and consistency for businesses while preventing criminal misuse of financial systems. Moreover, the government will also enable the Financial Intelligence Unit (FIU) to oversee the ensure of anti-money laundering ( AML) and combating terrorism in finance (CFT) compliance in businesses.
During the press release, the Associate Justice Minister stated that New Zealand is determined to become the easiest place in the world for legitimate crypto trading. The country is motivated to implement stricter laws to make the country one of the hardest regions for criminals to hide.
“By cutting unnecessary red tape, we’re giving honest businesses room to grow, while sharpening our focus on serious threats,” Nicole McKee says.
Janine Grainger, co-founder of Easy Crypto, a New Zealand-based crypto trading platform, applauded the government’s decision to ban crypto ATMs, ensuring customer safety and compliance. Many other industry leaders have commended the crackdown, viewing it as a necessary step to terminate crypto crime altogether.
New Zealand is banning crypto ATMs and capping international cash transfers at $5,000 to combat rising financial crimes, particularly money laundering. Officials noted that crypto ATMs attract criminals seeking anonymity to move illicit funds offshore for activities like drug imports and scams.
The new legislation will halt the use of approximately 220 crypto ATMs currently operating across New Zealand. This ban aims to eliminate a key mechanism used by criminals to convert cash into cryptocurrencies and transfer them illicitly.
New Zealand’s Associate Justice Minister Nicole McKee stated the country aims to become “the easiest place in the world for legitimate crypto trading” while simultaneously being “one of the hardest regions for criminals to hide.” The stricter laws are intended to cut red tape for honest businesses while sharpening focus on serious financial threats.
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