Overview
- Canada’s Spring Economic Update on Tuesday proposed a nationwide prohibition on cryptocurrency ATMs to cut off a tool widely used in scams.
- FINTRAC’s 2023 analysis and a CBC investigation found these cash‑to‑crypto machines enable quick, low‑verification transfers that fraudsters and money launderers exploit.
- The update offered no implementation details or timeline, and it said people could still buy cryptocurrency at regulated brick‑and‑mortar money service businesses.
- The plan funds a new Financial Crimes Agency with $352.7 million over five years and boosts resources for federal prosecutors to target complex financial crimes.
- Operators warn a ban would endanger businesses and curb access for people who rely on nearly 4,000 machines, as peers tighten rules with the U.K.’s licensing squeeze, Australian transaction limits, and new U.S. state bans.