rewrite this title Tony Burke Pushes Law to Control Hard-to-Trace Crypto ATMs

The proposed law, introduced by Minister for Cybersecurity and Home Affairs Tony Burke, would give the Australian Transaction Reports and Analysis Centre (AUSTRAC) the authority to act against financial technologies considered high risk.

Burke explained that while all ATMs can be misused for illegal activities, crypto ATMs are more difficult to monitor, especially when tracking suspicious financial movements.

He said the nature of crypto transactions makes it harder for authorities to trace where the money goes. Although he acknowledged that not all users of crypto ATMs are involved in illegal acts, he pointed out that the risks are high compared to regular banking systems.

Despite concerns, Burke clarified that the government does not plan to directly ban these machines. Instead, the draft law aims to give AUSTRAC the tools to act when needed.

He also noted that enforcing a ban too soon or forcing a specific decision might lead to legal disputes.

Burke emphasized that financial tools are evolving, and authorities need to stay prepared for new technologies that may not yet exist. The law would allow AUSTRAC to respond to any financial product that appears risky, even if it does not fall under the current definitions.

Recently, Assistant Treasurer Daniel Mulino announced plans to introduce new rules to oversee companies involved with cryptocurrency. What does the plan cover? Read the full story.