New Zealand has announced a ban on cryptocurrency ATMs and will impose a cap of $5,000 on international cash transfers as part of a reform aimed at combating money laundering and financial crime. Associate Justice Minister Nicole McKee stated that these measures will enhance enforcement powers for police and regulators, enabling broader financial surveillance on individuals of interest. The decision comes as a response to increasing concerns about criminals using crypto ATMs for illicit activities, including quick transfers of crypto to offshore criminals. Industry leaders have voiced support for the ban, emphasizing its role in legitimizing the crypto space and protecting users. The changes, including a proposed levy to fund the regulatory regime, signify a maturing of the sector rather than a dismantling. These developments reflect a global trend toward stricter regulations surrounding cryptocurrency in light of rising fraud and money laundering activities.

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