Tony Burke, the Home Affairs Minister, announced stringent regulations for cryptocurrency ATMs, categorizing them as ‘high-risk products.’ This effort targets money laundering, fraud, and child exploitation by strengthening oversight in the rapidly growing sector.
Research indicates that 85% of funds from major ATM users are tied to fraudulent activities. The upcoming legislation aims to empower AUSTRAC to potentially restrict or ban these high-risk ATMs, reflecting the need for improved regulation within the cryptocurrency market.
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