Israel has reportedly enacted new regulations related to the cryptocurrency industry to combat illegal activities such as money laundering and terrorist financing.
Israel's government enforced new anti-money laundering (AML) regulations on Sunday, requiring local fintech companies and virtual currency service providers (VASP) to obtain an operating license, local news agency Globes . reported.
The Israel Securities Authority, the Savings, Insurance and Capital Markets Authority, the country's independent financial regulator, is reportedly now in the process of reviewing several VASPs that have applied for such a license.
Shlomit Wagman, director of Israel's Anti-Money Laundering and Terrorism Financing Authority, said the new AML rules would help the country curb the criminal use of digital assets while giving the industry more support and legitimacy, The Jerusalem Post. reported.
"The application of the regulations constitutes real progress for the Israeli economy, the fintech industry and for improving financial competition," the official said.
The Israeli government has been actively working on regulations to combat illicit activities related to cryptocurrencies this year. In July, Israel's Ministry of Finance proposed a law require residents to file tax returns for cryptocurrency purchases above $ 61,000. Previously, the Israeli defense minister allegedly Security forces authorized to seize cryptographic accounts. believed to be linked to the militant wing of Hamas.
Related: FATF Includes DeFi as a Guide for Encryption Service Providers
Meanwhile, Israel's central bank has been experimenting with its own digital currency. As previously reported, the Bank of Israel issued a central bank digital currency through a pilot test of a digital shekel starting in June 2021.
Post navigation
Previous Post
Shares of Torrent Pharma rise as Nifty drops
