Australia is tightening regulations on cryptocurrency ATMs to protect citizens from financial harm. The Australian Transaction Reports and Analysis Centre (AUSTRAC) has implemented a transaction limit of AUD 5,000 (approximately Rs. 2.8 lakh) for both deposits and withdrawals at these ATMs.
This move is aimed at curbing crypto-related scams and fraud, particularly those targeting vulnerable groups like the elderly. AUSTRAC believes that limiting transaction sizes will make it harder for criminals to exploit crypto ATMs for illicit activities. The regulator based its decision on data gathered from nine crypto ATM service providers operating within the country. This measure represents a significant step towards responsible crypto regulation in Australia, prioritizing consumer protection while allowing the technology to develop under a safer framework.
