In a sweeping move to combat financial crime, New Zealand has unveiled new legislation that will ban all crypto ATMs and impose stricter limits on international cash transfers.
The decision comes as part of a wider overhaul of the country’s anti-money laundering and counter-terrorism financing rules.
The government says the clampdown is necessary to disrupt the flow of illicit funds and criminal operations. The current network of 221 crypto ATMs has come under scrutiny for allegedly facilitating money laundering, particularly in connection with drug trafficking and transferring dirty money abroad.
Deputy Justice Minister Nicole McKee announced the bill, noting that authorities will now have 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.
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.
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.
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.
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.
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.
Alexander Stefanov
Reporter at Coindoo
Alex ist ein erfahrener Finanzjournalist und ein Enthusiast für Kryptowährungen und Blockchain. Mit mehr als 8 Jahren Erfahrung in der Berichterstattung über die Krypto-, Blockchain- und Fintech-Branche ist er mit der komplexen und sich ständig weiterentwickelnden Welt der digitalen Vermögenswerte bestens vertraut. Seine aufschlussreichen und zum Nachdenken anregenden Artikel vermitteln den Lesern ein klares Bild von den neuesten Entwicklungen und Trends auf dem Markt. Sein leidenschaftlicher Ansatz ermöglicht es ihm, komplexe Ideen in zugängliche und aufschlussreiche Inhalte aufzuschlüsseln. Verfolgen Sie seine Inhalte, um über die wichtigsten Trends und Themen auf dem Laufenden zu bleiben.
Source: https://coindoo.com/new-zealand-cracks-down-on-crypto-atms-and-tightens-cross-border-cash-flows/