Australia Introduces New Regulations to Combat Cryptocurrency ATM Risks

According to PANews, Australia's Interior Minister Tony Burke announced new regulations on Wednesday aimed at cracking down on cryptocurrency ATMs, which he described as 'high-risk products' linked to money laundering, fraud, and child exploitation. This announcement is part of broader measures introduced by Australia to combat money laundering, terrorism financing, and criminal risks. Burke highlighted the rapid growth of cryptocurrency ATMs in the country, noting that six years ago there were only 23 machines, which increased to 200 three years ago, and now stands at 2,000. Due to the difficulty in tracking cash purchases of cryptocurrencies, AUSTRAC has associated cryptocurrency ATMs with various criminal activities. Investigations revealed that 85% of the funds flowing through these ATMs involve scams or act as 'money mules' for laundering. This marks a peak in regulatory pressure on an industry accused of fostering financial crime and lacking effective oversight. Legislation is currently being drafted and will be submitted to parliament for review in the coming months, granting AUSTRAC the authority to restrict or prohibit 'high-risk products.' Burke stated that he will introduce this legislation.