Australia strengthens regulation on Crypto Assets ATMs: cash transaction limit of 5000 AUD, dual upgrades for KYC and monitoring.

Australian financial regulator AUSTRAC introduced new rules: cash transactions are capped at AU$5,000, transaction monitoring and customer scrutiny are strengthened, and cryptocurrency ATM fraud is cracked down. (Summary: U.S. cryptocurrency transactions are the first to be included in the scope of IRS tax returns, cruelly compared to the "Taiwan tax regulations" how much is abolished? (Background supplement: Taiwan's cryptocurrency taxation provokes public resentment "unwithdrawn funds must also be declared", the Ministry of Finance and the FSC each play their own? AUSTRAC, Australia's financial regulator, is taking action against the growing number of cryptocurrency ATM scams. Official figures show fraud losses of more than $3.1 million in the past year, prompting AUSTRAC to announce new rules on June 3 to tighten regulation and protect vulnerable older users. Australia's new rules crack down on ATM crime The core of AUSTRAC's new rules include: a cash transaction cap of A$5,000 (about US$3,250), mandatory ATMs to set fraud alerts, enhanced transaction monitoring and customer scrutiny. The regulation is primarily aimed at ATM operators, but AUSTRAC encourages cryptocurrency exchanges that accept cash to adopt similar restrictions. Brendan Thomas, CEO of AUSTRAC, said: "Our goal is to stop criminals from directing victims to cryptocurrency ATMs to protect individuals from scams while protecting businesses from exploitation. There is a need to ensure that the industry meets minimum standards and reduces ATM abuse." According to the Australian Federal Police (AFP) and ReportCyber, between early 2024 and early 2025, a total of 150 ATM scams were reported, with a total loss of A$3.1 million (about US$2 million), with an average loss of more than $20,000 per case. According to the AUSTRAC survey, users over the age of 50 account for nearly 72% of the total value of transactions. AFP data also showed that nearly half of the reported victims (72) were over 50 years old, with more women (102) than men (47). The main types of fraud were investment fraud (63 cases), extortion email (35 cases) and romance fraud (24 cases). AFP Commander Graeme Marshall noted: "Many victims are unaware of the victimization, do not know how to report it, or feel embarrassed. We encourage people to share their experiences, raise public awareness and prevent victimization of others." The number of ATMs has surged, challenging the regulatory response It is understood that the number of cryptocurrency ATMs in Australia has increased sharply in recent years. According to Coin ATM Radar, Australia now has 1,819 units, far exceeding the 67 units in August 2022, becoming the third largest center in the world, second only to the United States and Canada. AUSTRAC estimates that ATM trading in Australia is around $275 million a year, with most suspected fraud. To that end, AUSTRAC has partnered with the Joint Policing Cybercrime Coordination Centre (JPC3) and Crypto ATM Taskforce to combat financial crime, support victims, and distribute educational materials near ATMs to raise awareness about fraud. Related reports Taiwan's cryptocurrency "tax regulations" released, the IRS checked that 130 million illegal tax evasions in 2024 are still taxed! China's big cryptocurrency accounts plan to recover 20% of their income South Korea postpones cryptocurrency profits tax to 2027, will Taiwan's tax process have an impact? "Australia strengthens cryptocurrency ATM regulation: cash transaction cap of 5,000 Australian dollars, KYC and monitoring double upgrade" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".