Ah, the sweet sound of justice! New Zealand has decided to crack down on those pesky crypto ATMs and tighten cross-border cash flows. Why, you ask? Well, it’s all part of a grand plan to overhaul the country’s anti-money laundering and counter-terrorism financing rules.
The government says it’s necessary to disrupt the flow of illicit funds and criminal operations. Apparently, the current network of 221 crypto ATMs has been facilitating money laundering, particularly in connection with drug trafficking and transferring dirty money abroad. Shocking, I know!
Deputy Justice Minister Nicole McKee announced the bill, which will give authorities broader investigative powers. Intelligence agencies will also be granted new access to financial data to better monitor suspicious activity. A budget reallocation is being discussed to fund the enforcement of these measures. Sounds like they mean business!
McKee stressed that the government is determined to make the country a hostile environment for financial crime. “Legitimate business should thrive, but we’re closing the door on those exploiting the system,” she said. Bravo, madam!
Industry voices have offered a mixed response. Easy Crypto co-founder Janine Grainger welcomed the move, saying the rapid spread of crypto ATMs needed better oversight. She also noted the high transaction fees—sometimes reaching 20%—made them less appealing to everyday users. Ouch!
Others, like Giottus exchange founder Arjun Vijay, pointed to the lack of identity checks at many crypto ATMs as a key vulnerability. “Without KYC protocols, misuse was inevitable,” he said, calling the ban a predictable step. Well, it’s about time someone took action!
New Zealand is not alone in its concerns. Similar actions have been taken abroad, with Spokane, USA, banning crypto kiosks entirely following a rise in fraud cases linked to ATM use. In Australia, regulators have increased their monitoring of crypto transactions amid a spike in scam activity targeting seniors. It’s a global effort, folks!
Rather than being seen as a step backward, officials and some industry players view New Zealand’s move as part of a larger push toward a safer, more regulated crypto landscape. So, let’s raise a toast to a brighter, cleaner future for cryptocurrencies! 🥂🎉
Read More
- SOL PREDICTION. SOL cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
- USD TRY PREDICTION
- SHIB PREDICTION. SHIB cryptocurrency
- EUR AUD PREDICTION
- WLD PREDICTION. WLD cryptocurrency
- Brent Oil Forecast
- DOGE PREDICTION. DOGE cryptocurrency
- EUR USD PREDICTION
- GBP CNY PREDICTION
2025-07-09 17:28