Australia has just introduced new regulations for cryptocurrency ATMs, including a transaction limit of AUD 5,000 (USD 3,250), mandatory warnings about scams, and stricter customer due diligence obligations, Finance Magnates reported.
The move comes after authorities reported an increase in ATM-related fraud.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) announced the measures on June 3, targeting cryptocurrency ATM operators.
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Although the rules currently only apply to ATM providers, AUSTRAC urged cryptocurrency exchange platforms that accept cash transactions to adopt similar restrictions.
AUSTRAC CEO Brendan Thomas stated the rules could be adjusted based on their effectiveness, highlighting their role in preventing scams and criminal exploitation.