PANews reported on October 16th, according to Decrypt. Australian Home Affairs Minister Tony Burke announced new regulations on Wednesday that will crack down on cryptocurrency ATMs, calling them "high-risk products" linked to money laundering, fraud, and child exploitation. The announcement is part of a broader package of new powers introduced in Australia to combat money laundering, terrorist financing, and other criminal risks. Burke stated that six years ago, there were only 23 cryptocurrency ATMs in Australia, which increased to 200 three years ago and now stands at 2,000, a rapid growth rate. Because cryptocurrency purchases made with cash are difficult to track, AUSTRAC has linked cryptocurrency ATMs to various criminal activities. Investigations found that 85% of funds flowed by major users involved fraud or money mules. This marks the culmination of regulatory pressure on an industry that has been accused of facilitating financial crime and lacks effective oversight. Legislation is currently being drafted and will be submitted to Parliament in the coming months to give AUSTRAC the power to restrict or ban "high-risk products." Burke stated that he will introduce the legislation.PANews reported on October 16th, according to Decrypt. Australian Home Affairs Minister Tony Burke announced new regulations on Wednesday that will crack down on cryptocurrency ATMs, calling them "high-risk products" linked to money laundering, fraud, and child exploitation. The announcement is part of a broader package of new powers introduced in Australia to combat money laundering, terrorist financing, and other criminal risks. Burke stated that six years ago, there were only 23 cryptocurrency ATMs in Australia, which increased to 200 three years ago and now stands at 2,000, a rapid growth rate. Because cryptocurrency purchases made with cash are difficult to track, AUSTRAC has linked cryptocurrency ATMs to various criminal activities. Investigations found that 85% of funds flowed by major users involved fraud or money mules. This marks the culmination of regulatory pressure on an industry that has been accused of facilitating financial crime and lacks effective oversight. Legislation is currently being drafted and will be submitted to Parliament in the coming months to give AUSTRAC the power to restrict or ban "high-risk products." Burke stated that he will introduce the legislation.
Australia's Home Affairs Minister announces new regulations to crack down on cryptocurrency ATMs
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PANews reported on October 16th, according to Decrypt. Australian Home Affairs Minister Tony Burke announced new regulations on Wednesday that will crack down on cryptocurrency ATMs, calling them "high-risk products" linked to money laundering, fraud, and child exploitation. The announcement is part of a broader package of new powers introduced in Australia to combat money laundering, terrorist financing, and other criminal risks. Burke stated that six years ago, there were only 23 cryptocurrency ATMs in Australia, which increased to 200 three years ago and now stands at 2,000, a rapid growth rate. Because cryptocurrency purchases made with cash are difficult to track, AUSTRAC has linked cryptocurrency ATMs to various criminal activities. Investigations found that 85% of funds flowed by major users involved fraud or money mules. This marks the culmination of regulatory pressure on an industry that has been accused of facilitating financial crime and lacks effective oversight. Legislation is currently being drafted and will be submitted to Parliament in the coming months to give AUSTRAC the power to restrict or ban "high-risk products." Burke stated that he will introduce the legislation.
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