Australia Imposes AU$5,000 Limit on Crypto ATM Transactions

Australia has implemented a new AU$5,000 limit on cryptocurrency ATM transactions. This measure aims to curb money laundering and terrorist financing activities associated with cryptocurrencies. The restrictions will apply to all cryptocurrency ATMs nationwide, regardless of the service provider. This decision follows growing concerns about the use of cryptocurrencies in illicit activities. The Australian government is also developing a comprehensive regulatory framework for cryptocurrencies to ensure the integrity of the financial system. This new regulation will be subject to ongoing review and updates as the cryptocurrency market evolves. This decision is expected to impact cryptocurrency ATM users, particularly those conducting large transactions. However, the government emphasizes its commitment to fostering innovation in fintech while maintaining the safety and soundness of the financial system.