Australia Grants AUSTRAC New Powers to Regulate Crypto ATMs Amid Rising Illicit Activity Concerns
Australia is escalating its oversight of cryptocurrency ATMs, with the government drafting new regulations to empower the Australian Transaction Reports and Analysis Center (AUSTRAC). The financial intelligence agency will now monitor high-risk products, including crypto ATMs, which have been linked to money laundering, fraud, and other illegal activities.
Home Affairs Minister Tony Burke revealed that Australia hosts the third-largest crypto ATM market globally, with numbers surging from 23 six years ago to 2,000 today. AUSTRAC has already imposed a 5,000 Australian dollar cash limit and stricter compliance requirements for operators.
The rapid expansion of cash-to-crypto kiosks has raised alarms, as authorities suspect many are used for illicit transactions. Burke emphasized the need for tighter controls to curb criminal exploitation of the sector.
