Israel Securities Authority (ISA) Finalizes Cryptocurrency Regulations for Protecting Bitcoin Investors
The Israel Securities Authority (ISA) has recently decided to publish its final report on crypto regulation in the country. The area was being studied by a committee which was originally formed in 2017 when the crypto assets started to become more prominent.
At the time, the committee was headed by the chair Anat Guetta, which said that the current regulation is designed to help the developing crypto sector and to protect the investors at the same time. According to her, the technology is “here to stay” and, even without all the excitement that the industry had back then, it is still a very strong one.
The official recommendation of the Israel Securities Authority is to impose disclosure requirements in crypto offerings that can be understood and recognized as securities. According to the agency’s final report, the offerings of securities have to be controlled.
Also, the final report shows several ideas about how to support the industry and to create a regulatory sandbox without hurting the investors in the process. For instance, one idea is to create a platform in which cryptocurrencies will be traded under enhanced regulation.
According to the committee, the recommendation is to consider the adjustment of any existing regulation first and then create more laws to make crypto trading and similar activities less risky for the investors.
Israel Is Set To Use ICOs Because Investment Is Down
As it was speculated by Reuters recently, part of the reason why Israel is so interested in crypto offerings now is mostly that the country has seen its investments, especially in the city of Tel Aviv, fall over the past decade.
Therefore, regulating ICOs better is not only a way to cater to the people in this new industry but to draw more diverse sources of investments to the country, which could boost the economy, which is the main goal behind these changes.
At the moment, no timeline or any kind of time frame for the implementation of these new guidelines has been done so far.
In related news, Israel has talked about launching its own digital currency several times since 2017. However, the central bank has affirmed last year that there are no real plans to launch the digital currency.
The blockchain technology is also being used in Israel in quite a widespread way and the Bank of Israel, which acts as the central bank of the country, has emitted a report last year that the technology could renew and strengthen the cooperation between the public sector and the investors.