New Zealand Considers Banning Crypto ATMs and Capping Transfers in AML Overhaul

New Zealand is contemplating significant alterations to its anti-money laundering and counter-terrorism financing framework, with a specific focus on the cryptocurrency industry. Proposals include prohibiting cryptocurrency ATMs and establishing limits on the amount of transfers allowed. This action comes as worries about the usage of digital currencies in illicit activities increase. These measures are anticipated to have a substantial impact on how cryptocurrencies are traded in New Zealand, potentially reducing their accessibility and increasing transaction transparency. The New Zealand government believes that these reforms are vital for safeguarding the country’s financial system and ensuring that criminals do not exploit it. Before being approved and put into effect, these proposals will be carefully reviewed and studied.