The government is backing down from an earlier move to ban cryptocurrency ATMs, opting to put in guardrails instead.

In June 2025, Cabinet agreed in principle to ban crypto ATMs as part of an overhaul of the Anti-Money Laundering/Countering Financing Terrorism (AML/CFT) regime.

However, Associate Justice Minister Nicole McKee announced a back-down on Thursday, saying it would take a “targeted and proportionate” measure instead.

She said the previous Cabinet decision was subject to further policy analysis, and that analysis had found that a more flexible approach was available.

“Banning something is a serious decision that should not be taken lightly,” McKee said.

“Cabinet has now considered the evidence and agreed that a blanket ban is not…