The race to regulate cryptocurrencies has begun – Here, all countries are doing it. “Regulation” will be the watchword for 2023. While Europe is advancing on the matter with the MiCA regulation, Israel follows suit. decryption.
Is Israel Ready To Roll Out Its Cryptocurrency Regulation?
It is a report ofIsrael Securities Authority (ISA) announcing plans to amend three of its monetary laws to introduce cryptocurrencies into its fold. The trigger would be the bankruptcy of cryptocurrency exchange FTX. Even if post-cataclysmic analyzes tend to show that even tightened regulation would have had no effect not necessarily allowed to avoid drama.
Conversely, for Israel, cryptocurrencies should fall under the category of financial assets (titles in English) in the same way as shares. While elsewhere, and particularly in the United States, the debate is not closed Between Financial activities And raw material (goods in English), especially for Bitcoin, Israel would have made its choice. This is obviously to protect investors. However, the repercussions of this new regulation also risk holding back (a little too much?) the sector.
“Cryptocurrencies are digital representations of values used for financial investments. They can be transferred and stored via distributed ledger technology or any other technology.
Israel Securities Authority
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Cryptocurrencies, the engine of tomorrow’s economy?
Naturally, the basic objective is also to allow for the inflow of capital which could undoubtedly revive the country’s economy. Indeed, cryptocurrencies have reached in recent years a great turning point in the Mediterranean countries. With finished 200,000 Israelis exposed to the cryptocurrency market e 150 companies operating in this sector, the growth prospects are promising. And this, Israel seems to have understood.
“Using this advanced technology could lead to greater efficiency in many industries. Cost reduction, elimination of intermediaries, optimization of information paths between entities…”
The blockchain and cryptographic applications they offer new perspectives on monetary transactions. Instant, free, verifiable, traceable, tamper-proof… It is neither more nor less than the invention of the ‘cut and paste’ in a financial world that until then had remained stuck at the stage of ‘copy paste’.
The bill is open to comment from the Israeli public until February 12th next. It should then enter into force six months later.
The year 2023 already promises to be the year of continuity and strengthening of the regulation of cryptocurrencies. Countries hear well impose your own limits to this growing industry. Is it too premature? Only the future can tell us.
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