{"id":25197,"date":"2025-07-09T13:46:50","date_gmt":"2025-07-09T10:46:50","guid":{"rendered":"https:\/\/forklog.com\/en\/new-zealand-to-ban-bitcoin-atms\/"},"modified":"2025-07-09T13:46:50","modified_gmt":"2025-07-09T10:46:50","slug":"new-zealand-to-ban-bitcoin-atms","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/new-zealand-to-ban-bitcoin-atms\/","title":{"rendered":"New Zealand to Ban Bitcoin ATMs"},"content":{"rendered":"<p>New Zealand&#8217;s Deputy Minister of Justice, Nicole McKee, <a href=\"https:\/\/www.beehive.govt.nz\/release\/targeting-criminals-not-kiwi-businesses\">announced<\/a> plans to completely ban cryptocurrency ATMs in the country as a measure against money laundering. <\/p>\n<p>According to her, such ATMs are actively used by drug traffickers.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe need a more sensible and flexible <span data-descr=\"anti-money laundering and countering the financing of terrorism\" class=\"old_tooltip\">AML\/FT<\/span> system that will hinder criminals from laundering money. We will make it more difficult for them to convert cash into high-risk assets, including cryptocurrencies,\u201d McKee stated.<\/p>\n<\/blockquote>\n<p>According to <a href=\"https:\/\/coinatmradar.com\/country\/153\/bitcoin-atm-new-zealand\/\">Coin ATM Radar<\/a>, there are currently 221 crypto ATMs operating in the country.<\/p>\n<p>New Zealand will also impose a $5000 limit on international transfers to curb illegal funds being sent abroad.<\/p>\n<p>Authorities are currently preparing a bill that will significantly enhance the powers of the police and regulatory bodies. Specifically, it will empower the Financial Intelligence Unit to collect crucial information to combat crime and establish a new oversight regime for financial sanctions to support AML\/FT measures.<\/p>\n<p>At the same time, there are plans to eliminate unnecessary regulatory requirements for low-risk clients and organizations. <\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe government is serious about targeting criminals, not burdening legitimate businesses with unnecessary red tape,\u201d McKee said.<\/p>\n<\/blockquote>\n<p>Back in February 2024, the Governor of the Reserve Bank of New Zealand, Adrian Orr, expressed <a href=\"https:\/\/forklog.com\/en\/news\/new-zealands-central-bank-chief-criticizes-stablecoin-as-an-oxymoron\">grave concerns about cryptocurrencies<\/a>, calling them \u201cspeculative coins\u201d that are \u201cneither a means of exchange, nor a store of value, nor a unit of account.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Zealand&#8217;s Deputy Minister of Justice, Nicole McKee, announced plans to completely ban cryptocurrency ATMs in the country as a measure against money laundering. According to her, such ATMs are actively used by drug traffickers. \u201cWe need a more sensible and flexible AML\/FT system that will hinder criminals from laundering money. We will make it [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":25196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1292,1189,1381,36],"class_list":["post-25197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-aml-kyc","tag-cryptomats","tag-new-zealand","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"36","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/25197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=25197"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/25197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/25196"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=25197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=25197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=25197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}