Australia Empowers AUSTRAC with New Crypto ATM Rules
Australia’s Home Affairs Minister Tony Burke announced new legislation granting AUSTRAC expanded powers for crypto ATM regulation, classifying machines as high-risk products linked to money laundering, scams and child exploitation. Installations have jumped from 23 in 2019 to over 2,000 today, handling 150,000 transactions worth A$275 million annually. The draft law empowers AUSTRAC to swiftly restrict or ban non-compliant crypto ATMs and enforce stricter Know Your Customer (KYC) checks, transaction monitoring and enhanced anti-money laundering (AML) and counter-terrorist financing (CFT) measures.
The new crypto ATM regulation requires operators to report cash transfers above A$10,000 and adhere to a A$5,000 deposit and withdrawal cap, alongside enhanced due diligence and scam warnings. AUSTRAC data shows around 85% of users are victims of fraud or coercion, with 72% aged 50–70. Expected to pass in the coming months, the bill underscores Australia’s commitment to tightening AML safeguards and curbing financial crime through robust crypto ATM rules.
Neutral
Stricter crypto ATM regulation is unlikely to significantly affect major cryptocurrency prices in the short term. While tighter KYC and cash limits may reduce illicit on-ramps and small-scale speculative volume, they can enhance market legitimacy and attract institutional confidence over the long run. Therefore, the net effect on cryptocurrency prices—particularly Bitcoin—should remain neutral, as improved compliance offsets minor friction from new operational rules.