TechFlow news, July 9 — According to Decrypt, the New Zealand government announced it will fully ban cryptocurrency ATMs and set a $5,000 USD cap on international cash transfers, as part of regulatory reforms targeting money laundering and criminal financing.
Nicole McKee, Deputy Minister of Justice of New Zealand, said the government will introduce new legislation to expand law enforcement powers for police and regulators, and allow financial intelligence agencies to collect broader financial data on suspicious individuals.
New Zealand currently has 221 cryptocurrency ATMs. Janine Grainger, co-founder of local cryptocurrency exchange Easy Crypto, supports the move, viewing it as a sign of industry maturity rather than collapse.
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