In a significant move to crack down on money laundering and financial crime, New Zealand has announced a ban on cryptocurrency automated teller machines (ATMs) and imposed a NZ$5,000 cap on international cash transfers. The country’s Associate Justice Minister, Nicole McKee, unveiled these measures as part of a broader plan to disrupt illicit financial activities.
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The decision to ban crypto ATMs comes in response to concerns that these machines facilitate the conversion of cash into high-risk assets like cryptocurrencies, making it easier for criminals to launder money. By eliminating this avenue for illicit transactions, New Zealand aims to strengthen its anti-money laundering efforts and protect its financial system from abuse.
According to data from Coin ATM Radar, there are currently 221 crypto kiosks operating in New Zealand. Once the ban takes effect, these machines will need to be removed, signaling a clear stance against the misuse of cryptocurrencies for illegal purposes.
New Zealand’s move follows similar actions taken by neighboring Australia, which recently introduced a AU$5,000 limit on all crypto ATM transactions. These regulatory changes reflect a growing recognition of the need to enhance oversight and control over the cryptocurrency market to prevent misuse and criminal activities.
While the crypto ATM market in New Zealand is relatively small compared to other countries, such as Australia, where over 1,200 machines are in operation, the ban sends a strong signal about the government’s commitment to combat financial crime effectively.
Associate Justice Minister McKee emphasized that the government’s goal is to target criminals without burdening legitimate businesses with unnecessary regulations. The focus is on disrupting illicit financial activities while ensuring that compliant businesses can operate smoothly within the regulatory framework.
In addition to the ban on crypto ATMs, New Zealand is introducing a bill to empower authorities to tackle money laundering more effectively. The government is also working on reform bills to streamline compliance rules and provide practical relief for businesses by the end of the year.
By taking proactive steps to strengthen its anti-money laundering measures, New Zealand is sending a clear message that it is committed to upholding the integrity of its financial system and protecting it from abuse. The ban on crypto ATMs is a significant milestone in the country’s efforts to combat financial crime and ensure a secure and transparent financial environment for all stakeholders.
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References:
1. https://cointelegraph.com/news/new-zealand-bans-crypto-atms-money-laundering?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound
2. https://www.financemagnates.com/cryptocurrency/new-zealand-to-ban-crypto-atms-to-curb-money-laundering/
3. https://www.coindesk.com/policy/2025/07/09/new-zealand-wants-to-ban-crypto-atms-in-anti-money-laundering-overhaul
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