Tuesday, July 23, 2024
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Ministry of Finance, Israel, proposes new list of recommendations for regulating digital assets

On Monday, Shira Greenburg, the Chief Economist at Israel’s Ministry of Finance, published a list of recommendations for regulating digital assets. 

The list of recommendations consists of new regulatory infrastructure, legislation to authorize and control the issuance of backed digital assets like stablecoins, and facilitating financial services. The recommendation also included the requirement for a law to provide the Bank of Israel the authority to oversee digital assets with significant stability or monetary effect.

The recommendation consists of allowing the payment of taxes on cryptocurrency held outside Israel with the central bank. It will also create an inter-ministerial committee to control the regulation of decentralized autonomous organizations (DAOs).

Shira Greenburg suggested that the supervisor of the Financial Service Providers must be given more authority to look after the licensing rules and build a more comprehensive taxation framework for the sale and purchase of digital assets. She also mentioned that Israel should implement more security standards on trading platforms, crypto issuers, and funds generated from digital assets.
Read more: Brazil legalizes crypto transactions

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Manjiri Gaikwad
Manjiri Gaikwad
Manjiri is a computer science graduate from Cummins college of engineering, Pune. She is a simple calm and composed person, who loves to write.


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