Israel Opens Proposed Crypto Rulebook for Public Comments, Here’s What We Know
In November last year, Shira Greenberg, the chief economist of Israel submitted a detailed report proposing potential rules that may finetune the crypto industry in the Western Asian nation to its finance ministry.
Like other nations working on their respective crypto regulations, Israel too, is trying to devise ways to monitor the route of crypto transactions, which largely remain untraceable with the element of anonymity.
The proposal included giving the Bank of Israel the authority to oversee transactions of stable digital assets.
The government of Israel is looking to impose sanctions on individuals as well as crypto companies that fail to obey the laws, once they come into effect. Therefore, The authorities have opened the drafted crypto rules for comments from the public, before sealing them officially in the coming days. The date of February 12 has been set as the deadline for people to submit their reactions to the drafted laws.
The rules have been listed by the Israeli Securities Authority (ISA) after activities around crypto assets picked pace in the nation with estimated 200,000 holders and traders experimenting in the volatile industry from Israel.
Safeguarding investors of the crypto sector and mandating operational requirements for industry players looking to work with Israeli crypto investors are important points of focus for the government of the Western Asian nation, CoinTelegraph said in a report.