New Zealand's government intends to outlaw cryptocurrency ATMs as part of a major revision to its anti-money laundering and counter-terrorism financing (AML/CFT) regime. Associate Justice Minister Nicole McKee stated that the goal is to eliminate ways for criminals to convert cash into high-risk assets like cryptocurrencies. Currently, there are 221 crypto ATMs in New Zealand. Alongside the ATM ban, the government proposes setting a $3,000 limit on international cash transfers to impede criminal efforts to move funds overseas. The cabinet has introduced a bill to empower police enforcement and regulators to more effectively combat money laundering activities. McKee emphasized that this new regulatory approach aims to provide businesses with clarity while maintaining a focus on preventing financial system misuse. Crypto ATMs, which allow users to purchase cryptocurrencies with cash or cards, have been criticized for potential criminal use, aligning with a trend of strict regulations in various countries.

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