The Israeli Ministry of Finance has published several recommendations for the regulation of crypto assets.
Israeli authorities have been dipping their hands into the crypto-asset industry in recent months. In October, the Tel Aviv Stock Exchange (TASE) announced that it is exploring building a blockchain-based crypto trading platform. A month ago, Israel’s market regulator granted a private company the first permanent license to engage in crypto activities.
Crypto Regulation Proposal from the Israeli Ministry of Finance
The Israeli Ministry of Finance has proposed new guidelines with the aim of developing the country in the crypto world.
The recommendations call for oversight over the creation of a new regulatory infrastructure, the legalization of licensing powers, and the provision of financial services for backed crypto assets, including stablecoins.
The finance ministry is calling for legislation to transfer control over cryptoassets that have “significant stability or monetary impact” to the Bank of Israel.
There is also a proposal to allow taxes on cryptocurrencies held abroad to be paid through the Bank of Israel. In addition, the proposal will establish an inter-ministerial committee to oversee the regulation of decentralized autonomous organizations (DAOs).
The taxation of cryptocurrencies is an important part of the proposal. According to the Israeli tax authority, uncollected crypto taxes from 2019 to 2022 could amount to several billion shekels (one shekel is worth about 29 cents).
15527
