Overview
- The federal government, in Tuesday’s spring economic update, said it will ban crypto ATMs to curb scams and money laundering.
- Officials called the machines a primary method for scammers to take victims’ cash and for criminals to place illicit proceeds.
- Canada hosts nearly 4,000 kiosks, and investigators say fast cash-to-crypto transfers, low ID checks, and no teller oversight make them easy to abuse.
- Canadians could still buy cryptocurrency at brick‑and‑mortar money services businesses, with timelines and enforcement details still to come.
- Ottawa introduced legislation and $352.7 million over five years, plus ongoing funds, to launch a federal Financial Crimes Agency and boost FINTRAC, prosecutors, and Finance.