TechFlow, on October 16, according to Decrypt, Australian Minister for Home Affairs Tony Burke announced new regulations targeting cryptocurrency ATMs, calling these machines "high-risk products" associated with money laundering, scams, and child exploitation.
Burke stated that the number of cryptocurrency ATMs in Australia has surged from 23 to over 2,000 in six years. The Australian Transaction Reports and Analysis Centre (AUSTRAC) found that 85% of funds involved in large user transactions were linked to scams or money laundering activities.
The proposed legislation would empower AUSTRAC to restrict or ban "high-risk products," specifically targeting cryptocurrency ATMs. Burke said the bill will be introduced to parliament in the coming months but declined to reveal whether these machines would be completely banned.
