Ban on cryptoasset ATMs—New Zealand, as part of anti-money laundering measures | CoinDesk JAPAN

• The New Zealand government is planning to ban cryptoasset ATMs as part of a review of its anti-money laundering and counter-terrorism financing (AML/CFT) regime.
• Deputy Attorney General Nicole McKee stated that the government believes criminals want to target "means to convert cash into high-risk assets such as cryptoassets."
• According to Coin ATM Radar, there are 221 cryptoassets ATMs installed in New Zealand.

The New Zealand government is planning to ban cryptoasset (virtual currency) ATMs as part of a review of its anti-money laundering and counter-terrorism financing (AML/CFT) regime.

Deputy Minister of Justice Nicole McKee stated in a Wednesday announcement that the government aims to target the means by which criminals convert "cash into high-risk assets such as cryptoassets."

Mr. Maki has also proposed setting a cap of 5,000 New Zealand dollars (approximately 3,000 dollars) on international remittances to curb the movement of funds offshore by criminals.

The Cabinet submitted a bill to strengthen the investigative powers of the police and to enable regulatory authorities to "crack down severely" on those involved in money laundering, he added.

"This new policy will provide a clearer and more consistent framework for businesses while strongly preventing the misuse of the financial system for criminal purposes," said Mr. Mackie.

At the cryptoassets ATM, you can purchase cryptoassets with cash or a cash card and transfer them to any wallet. While this convenience exists, there is also a risk of it being used for criminal purposes. For example, scams have been reported where individuals promote products online and then disappear after having the buyers send funds to a specific wallet.

For this reason, in many countries including Australia, New Zealand's neighboring country, cryptoassets ATMs are subject to strict regulatory oversight.

According to data from Coin ATM Radar, the number of cryptoasset ATMs installed worldwide is approximately 38,505, with over 30,000 concentrated in the United States. Additionally, there are 221 installed in New Zealand.