The Australian Minister for Home Affairs announces extensive powers to restrict cryptocurrency ATMs.

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Australian Minister for Home Affairs Tony Burke has just announced new regulations aimed at tightening the management of cryptocurrency ATMs, calling them a “high-risk product” related to money laundering, fraud, and child exploitation. He stated that the number of these machines has increased from 23 to 2,000 in just six years, making it difficult to control cash purchases of cryptocurrency. According to AUSTRAC, 85% of transactions from top users are related to fraud or money laundering.

The government is drafting a law granting AUSTRAC the authority to restrict or prohibit “high-risk” products such as cryptocurrency ATMs, although it has not yet determined whether a complete ban will be implemented. Some experts argue that the risks from cryptocurrency ATMs are no greater than those from banks or casinos and call for cooperation between AUSTRAC, law enforcement agencies, and providers to ensure intelligent monitoring, maintain security, while still protecting user privacy.

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