NZ Don Ban Crypto ATM Dem, Dem Cap Cross-Border Transfer Dem for $5k
New Zealand don ban crypto ATM wey don make over 220 local kiosks illegal and dem don put cap for individual cross-border cash transfers at $5,000 under big AML/CFT reform. Government don require banks and remitance services make dem report any suspicious transactions to Financial Intelligence Unit (FIU).
Parliament don fast track two bills to centralize sanctions oversight, increase enforcement powers for police and FIU, and make sure say risk-based customer due diligence dey for low-risk and specified businesses. By cutting off easy cash-to-crypto conversion, the crypto ATM ban and cash transfer cap wan stop money laundering and terrorism financing and also align with global financial crime prevention standards. Traders suppose dey watch the shifts for on-ramp liquidity as enforcement dey tighten.
Bearish
Di ban for crypto ATM and cap for cash-transfer dey reduce on-ramp liquidity for retail buyers well well. Tighter AML/CFT rules and mandatory FIU reporting dey make compliance costs high for banks and remittance services, fit reduce trading volumes. For short term, limited access for physical kiosks fit pressure spot prices because fewer new people fit enter market. For long term, online on-ramp solutions fit reduce the impact, but immediate constraints dey show say crypto demand for New Zealand go dey bearish.