The most recent developments have seen that Israeli government officials have been skeptical of the cryptocurrency marketplace once more. It seems that the current regime is working on a process to review the activities of serval cryptocurrency agencies within the country. Moreover, the government is also working on a review process about issuing operating licenses.
The fact of the matter is that the government has implemented new regulations regarding cryptocurrency trading. The primary goal behind is to achieve a sense of transparency within the market. The current government has already taken strict actions to prevent money laundering and terror financing. The government’s officials have said that every single sector would be treated equally no relation would be given in case of any illegal activity.
The government has implemented new anti-money laundering rules and regulations on Sunday. These latest regulations require that local fintech companies and virtual trading companies obtain the operating license from the authorities. Any company that would operate without a license will be hunted down.
The Israel Securities Authority, the Capital Markets, Insurance, and Savings Authority, the country’s independent financial regulator, is currently reviewing the local cryptocurrency companies whether they qualify for the license or not. The officials have said that these steps will mitigate the money laundering changes significantly. The current regime does not only work on making digital trading transparent but these regulations will also establish that the cryptocurrency market is a legitimate trade business.
On the other hand, the financial and fintech experts of the country have said that these regulations will play a significant role in making the country’s economic landscape more competitive. This year has seen that the Israeli government has taken bold steps to ensure transparency within the country’s crypto landscape. Back in the month of July country’s finance ministry passed the law that citizens with over $61,000 investment in crypto would require to file tax declarations.
Already, the Israeli guard serves apparently approved security powers to seize crypto accounts accepted to be attached to the aggressor wing of Hamas. The government’s ambitions about cryptocurrency do not end here. As of now, the country’s central bank is working to develop its own digital currency. the Bank of Israel issued a central bank digital currency through a pilot test of a digital shekel as of June 2021. As far as the central bank’s digital currencies are concerned governments across the globe are working on such initiatives. Countries like China, the U.S.A, Israel, the U.K, Germany, and many others are working on developing their own cryptocurrencies. It seems that ruling authorities in Israel are driven by the goal to make cryptocurrency competitive and safe for all citizens.
