New Zealand Considers Ban on Cryptocurrency ATMs to Combat Money Laundering

New Zealand is currently exploring a prohibition on cryptocurrency ATMs in an effort to combat money laundering and the financing of terrorism. This action is part of a broader undertaking to regulate the rapidly expanding digital asset sector. Government officials have indicated that these ATMs significantly facilitate anonymous cash transactions, rendering them appealing to individuals engaged in illicit activities. The proposed ban aims to diminish the risks associated with cryptocurrencies and make it more challenging for criminals to utilize them to conceal their funds. Implementation of this measure is expected to enhance transparency in cryptocurrency transactions and contribute to safeguarding New Zealand’s financial system. The plan also encompasses additional measures to strengthen compliance with anti-money laundering and counter-terrorism financing laws in the digital asset sector, such as enhanced licensing and reporting requirements for cryptocurrency service providers.