💰 New Zealand has banned crypto ATMs and limited foreign transfers
Anti-money laundering measures ramp up
New Zealand authorities are introducing new steps to combat money laundering and criminal financing. As part of the reform, crypto ATMs are banned nationwide, and international money transfers are now capped at $5,000
The move is aimed at tightening financial control and reducing the risks of illicit use of digital assets
The new rules also require fintech companies and crypto services to comply with stricter customer verification standards , including source-of-funds checks and continuous transaction monitoring.
🧠 Experts are divided.
Supporters of the reform emphasize that the crypto market needs regulation, especially with the rise of fraud and illegal transactions.
“Such restrictions build trust in digital financial tools,” says Sarah Winslow, Professor of Finance at the University of Auckland. “Without regulation, the crypto industry risks becoming a financial Wild West.”
However, voices from the crypto community see the government’s actions as excessive.
“Banning crypto ATMs will mostly hurt regular users, especially in rural areas with limited access to traditional banking,” notes DeFi analyst Ryan Brown. “This isn’t fighting crime – it’s a bureaucratic attack on technology.”
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