The move follows a task force investigation that found older Australians were disproportionately targeted in scams, which prompted regulatory intervention that is specifically aimed at safeguarding vulnerable populations. Meanwhile, Singapore’s Monetary Authority has taken a hardline stance by ordering all local crypto firms to halt overseas services by June 30 unless licensed under strict domestic financial laws. Legal experts warned that such licenses will be rare due to heightened anti-money laundering risks.
In contrast, Russia is embracing crypto innovation through tightly controlled channels. State-owned bank Sber introduced a Bitcoin-linked structured bond and plans to launch crypto exchange-traded products, all within the confines of Russian law. Overall, governments around the world are intensifying their scrutiny and oversight of the cryptocurrency industry, with Australia, Singapore, and Russia each adopting distinctly different approaches.
AUSTRAC Cracks Down on Crypto ATM Fraud
Australia’s national financial intelligence agency, AUSTRAC, implemented new regulations that are aimed at curbing the rising number of scams involving cryptocurrency ATMs. As of June 3, crypto ATM operators must adhere to a cash transaction cap of 5,000 Australian dollars (which is approximately $3,250), alongside enhanced customer due diligence measures, better scam awareness displays, and more robust transaction monitoring protocols. While the limits currently only apply to crypto ATM providers, AUSTRAC is encouraging crypto exchanges that accept cash to consider adopting the same restrictions.
Part of AUSTRAC’s announcement
The decision was made after findings from an AUSTRAC-led task force launched in September to assess whether existing Anti-Money Laundering and counter-terrorism controls in the crypto ATM space were sufficient. The task force analyzed data from nine major ATM providers and found that people over the age of 50 were overrepresented, and accounted for almost 72% of all transactions by value.
AUSTRAC CEO Brendan Thomas shared that the new rules were instituted to deter criminals from directing vulnerable people to use crypto ATMs and to prevent businesses from being exploited. He added that the regulations are not permanent and will be reviewed over time in collaboration with law enforcement and industry stakeholders.
The Australian Federal Police (AFP) are also concerned, and reported that 150 unique crypto ATM scam cases were submitted via ReportCyber between January of 2024 and January of 2025. These incidents resulted in losses exceeding 3.1 million Australian dollars. However, the AFP believes this figure likely underestimates the true scale, as many victims either don’t realize they’ve been scammed or are reluctant to come forward.
Crypto ATMs in Australia (Source: Coin ATM Radar)
Australia experienced a surge in crypto ATM installations since late 2022, growing from just 67 in August of that year to 1,819 today. This makes it the third-largest market globally. Localcoin leads the domestic market with 753 machines, followed by Coinflip with 700 and Bitcoin Depot with 182.
Singapore Orders Crypto Firms to Halt Overseas Services
Countries like Singapore are also cracking down on illegal crypto activity. Singapore’s central bank recently issued a firm deadline for all local digital token service providers (DTSPs) to cease offering services to overseas markets by June 30, 2025.
The directive was announced by the Monetary Authority of Singapore (MAS), and comes in response to industry feedback on the proposed regulatory framework under the Financial Services and Markets Act (FSM Act) of 2022. MAS made it clear that no transitional arrangements will be provided. This means that all affected entities must either shut down their overseas operations or obtain a license by the end of the month to remain compliant.
Under Section 137 of the FSM Act, any Singapore-based individual, company, or partnership engaging in digital token-related services outside the country is presumed to be operating from Singapore and is therefore subject to local licensing requirements. This includes firms for whom token services are not a core business activity.
MAS warned that violators of this law could face fines of up to 250,000 Singapore dollars, approximately $200,000, and up to three years in prison. Only firms already licensed or exempted under existing financial laws, like the Securities and Futures Act, Financial Advisers Act, or Payment Services Act, may continue their operations without conflicting with the new restrictions.
Post from Hagen Rooke (Source: LinkedIn)
While the framework does allow for the possibility of licensing, legal experts suggest that approvals will be extremely rare. In a LinkedIn post, Hagen Rooke, a partner at Gibson, Dunn & Crutcher, explained that MAS is unlikely to issue many licenses due to the high regulatory risks associated with overseas operations, particularly around anti-money laundering (AML) and counter-terrorist financing (CFT). He advised affected companies to urgently consider operational restructuring to sever any Singaporean ties that might trigger compliance obligations.
The move is a serious escalation in Singapore’s oversight of the crypto sector and places a lot of regulatory pressure on firms that use the country as a base to offer digital asset services internationally. MAS’s concern is that such firms could exploit legal loopholes by claiming Singapore incorporation while conducting largely unregulated business abroad.
Russia’s Sber Rolls Out BTC-Backed Investment Product
Some countries are taking steps to open up more to crypto. Russia’s largest commercial bank, Sber, officially launched a new financial product that links investors to the performance of Bitcoin and the dollar-to-ruble exchange rate.
The offering is a structured bond available on the over-the-counter market, and it allows qualified investors to earn income based on the rise in the US dollar value of Bitcoin as well as fluctuations favoring the dollar over the Russian ruble. Sber announced that it plans to list the product on the Moscow Stock Exchange to increase transparency, liquidity, and ease of access for eligible participants.
Announcement from Sberbank
The move is a big shift in Russia’s financial landscape, and it was announced just days after the Bank of Russia gave the green light for regulated institutions to offer certain crypto-linked instruments to accredited investors. Importantly, the central bank still prohibits direct cryptocurrency sales by financial institutions.
Sber’s structured bond is fully compliant with Russian regulations, as it is denominated in rubles and does not require investors to interact with crypto wallets or offshore platforms. This approach ensures that the product remains within a tightly controlled legal framework, which mitigates some of the risks that are often associated with unregulated crypto exposure.
In addition to the bond, Sber also announced plans to offer more crypto-related exchange-traded products via its SberInvestments platform. The first of these, a Bitcoin futures product, is expected to launch on June 4, pending the Moscow Exchange’s formal rollout.
Sber’s growing engagement with crypto-linked assets is part of a trend within Russia, where other major institutions like T-Bank also introduced similar investment products. T-Bank’s offering is described as a “smart asset,” and is backed by the state-supported tokenization platform Atomyze.
