As per reports published by local financial newspaper Globes on Thursday, March
As per reports published by local financial newspaper Globes on Thursday, March 7, the Israel Securities Authority (ISA) has published its final report on cryptocurrency recently regulations, in order to convey their final stance.
A special committee which was formed way back in 2017, with the objective to develop proper regulations for cryptocurrencies. They have finally presented their report to ISA chairperson Anat Guetta. Guetta, when asked to comment on these recommendations, said that they were designed to both facilitate the development of the crypto sector as well as protect the rights of investors. She also added that the technology is “here to stay” even if it seems that the excitement regarding it in the industry has cooled.
The ISA recommends imposing disclosure requirements for crypto offerings that qualify as securities and states that such offerings should be controlled in a similar manner to crowdfunding.
The final ISA report brings to the fore several critical ideas on how the crypto industry can be supported across the country; This would include the establishment of regulatory sandbox along with the creation of a special platform to trade cryptocurrencies under enhanced regulation. The ISA is quoted by Globes:
“The committee recommends considering adjustment of the existing regulation to create more suitable regulatory infrastructure for this trading activity in order to better cope with the risks incurred in this activity.”
According to information from Reuters, the number of companies and the amount of money raised in Tel Aviv has reduced over the past decade,=. This scenario is what has led the ISA to try an attract new investors and boost initial public offerings (IPOs).
An official date or specific time with regards to from when these guidelines are to be implemented has been released.
Israel was considering launching its own digital currency back in 2017. However, in November 2018, a study group, which was working on the possibilities and scope of an “e-shekel” opined that the country’s central bank should not issue their its own digital currency.
In late 2018, a team that included representatives from the Bank of Israel formally requested for information about distributed ledger technology (DLT).