• Israel’s financial watchdog, the Israel Securities Authority (ISA), is proposing to amend three of its existing monetary laws to include cryptocurrencies.
• The proposed changes would grant investors maximum security when dealing with digital assets and the ISA will directly supervise operations with bitcoin and altcoins.
• The regulator will also put the asset class into the category of „financial instruments,“ where securities, marketing, and joint investments are included.
The Israel Securities Authority (ISA) is proposing to amend three of its existing monetary laws to include cryptocurrencies. The regulator is seeking to grant investors maximum security when dealing with digital assets, in the wake of the recent collapse of FTX and the severe losses it caused to consumers.
The ISA has proposed that cryptocurrencies should be included in the nation’s existing securities legislation. This would mean that the regulator will directly supervise operations with bitcoin and altcoins, and put the asset class into the category of “financial instruments”, which includes securities, marketing, and joint investments.
Thecrypto industry in Israel is rapidly growing, and the proposed changes could come into effect in half a year. This could be a significant move for the country, as it could make cryptocurrencies legally recognizable, and offer more protection to investors.
The ISA’s decision has been welcomed by the Israeli crypto industry, as it could pave the way for the growth of the sector. This could attract more investors and businesses, as well as give the industry more legitimacy. Furthermore, it could help the country to become a leader in the field, which could then position it as a hub for cryptocurrency innovation and development.
The proposed changes also come at a time when the cryptocurrency market is booming. Bitcoin is currently trading at an all-time high, and other altcoins are also performing well. This could be a great opportunity for investors, but it is important that they have the necessary protection when dealing with digital assets.
If the ISA’s proposals are accepted, it could be a major step forward for the crypto industry in Israel. It could provide more security to investors and help the country become a leader in the field.