New Zealand implements tough regulations on crypto service providers to combat money laundering

From Cointelegraph

August 27, 2024 04:17 AM:

Cryptocurrency service providers in New Zealand could face fines ranging from $12,000 to $62,000 if they do not comply with regulations. The penalties are for those who do not take “reasonable care” to meet the requirements.

These regulations aim to crack down on money laundering and terrorism financing through digital assets. Crypto businesses in New Zealand must adhere to strict compliance measures to avoid hefty fines.

The government of New Zealand is implementing stricter rules for cryptocurrency service providers to prevent illegal activities. Businesses must ensure they are in compliance to avoid facing fines of up to $62,000.

Read more at Cointelegraph: New Zealand introduces OECD crypto reporting framework on new tax bill