Lawmakers in Israel conducted a preliminary reading of new bill It proposes exempting foreigners from capital gains taxes or profits earned from their cryptocurrency activities.
The bill, which seeks to amend Israel’s income tax law, would also cut the 50% tax on crypto options for employees by half. The goal in this regard is to extend the tax benefits enjoyed by workers in the traditional high-tech industry to the digital asset industry.
Dan Elo, an MP in Prime Minister Benjamin Netanyahu’s Likud party, indicated in a statement that the bill has the support of the coalition government led by Netanyahu. The bill also aligns with the administration’s existing plans to attract foreign investment to Israel, CoinDesk quoted Elo as saying in a statement.
The latest development comes as Israel seeks to regulate its nascent digital asset industry. In November, Shira Greenberg, chief economist at the Israeli Ministry of Finance Put forward recommendations To regulate the digital asset market in the country, including by creating mechanisms for paying taxes on digital asset activities “in order to remove barriers and increase certainty.”
“Regulatory processes during this period are being formulated and defined in various countries in the Western world, and it is recommended that the State of Israel operate in accordance with emerging standards in the developed world,” Greenberg said in a statement.
Earlier this year, the Israel Securities Authority (ISA) also published a proposal that seeks to amend the applicability of securities laws in the West Asian country to crypto and digital assets. In addition, the Bank of Israel recently Proposed rules to allow the use of stablecoins In the country while managing risks and protecting investors.
Crypto regulation in Israel
In the past five years, Israel has set up three committees to look into different areas of cryptocurrency systems
systems
Like any other high net worth industry, the financial services industry is strictly regulated to help curb illegal and manipulative behavior. Each asset class has its own set of protocols in place to combat their respective forms of abuse. Who are the leading regulators in the industry? Regulatory bodies such as the UK Financial Conduct Authority (
Like any other high net worth industry, the financial services industry is strictly regulated to help curb illegal and manipulative behavior. Each asset class has its own set of protocols in place to combat their respective forms of abuse. Who are the leading regulators in the industry? Regulatory bodies such as the UK Financial Conduct Authority (
Read this term adoption in the country, finance poles mentioned. The third committee, which was established in May 2021, sought to evaluate the ISA’s policy regarding investment products in digital assets.
While Israel continues to work on drafting regulations for the cryptocurrency industry, public authorities in the country are actively cracking down on the use of digital currencies for crimes. Recently, Israeli authorities seized millions of dollars in cryptocurrency allegedly linked to groups in Iran and Lebanon. In a separate action, it seized 189 accounts on Binance that are said to be linked to Palestinian and Islamic terror groups.
Meanwhile, Israel, like major countries around the world, is also considering launching a Central Bank Digital Currency (CBDC). However, the country has linked the launch of its central bank digital currency, the digital shekel, to similar moves in other jurisdictions, particularly in the United States and the European Union.
Marex’s new COO; the LCH RepoClear Services merger; Read snippets of today’s news.
Lawmakers in Israel conducted a preliminary reading of new bill It proposes exempting foreigners from capital gains taxes or profits earned from their cryptocurrency activities.
The bill, which seeks to amend Israel’s income tax law, would also cut the 50% tax on crypto options for employees by half. The goal in this regard is to extend the tax benefits enjoyed by workers in the traditional high-tech industry to the digital asset industry.
Dan Elo, an MP in Prime Minister Benjamin Netanyahu’s Likud party, indicated in a statement that the bill has the support of the coalition government led by Netanyahu. The bill also aligns with the administration’s existing plans to attract foreign investment to Israel, CoinDesk quoted Elo as saying in a statement.
The latest development comes as Israel seeks to regulate its nascent digital asset industry. In November, Shira Greenberg, chief economist at the Israeli Ministry of Finance Put forward recommendations To regulate the digital asset market in the country, including by creating mechanisms for paying taxes on digital asset activities “in order to remove barriers and increase certainty.”
“Regulatory processes during this period are being formulated and defined in various countries in the Western world, and it is recommended that the State of Israel operate in accordance with emerging standards in the developed world,” Greenberg said in a statement.
Earlier this year, the Israel Securities Authority (ISA) also published a proposal that seeks to amend the applicability of securities laws in the West Asian country to crypto and digital assets. In addition, the Bank of Israel recently Proposed rules to allow the use of stablecoins In the country while managing risks and protecting investors.
Crypto regulation in Israel
In the past five years, Israel has set up three committees to look into different areas of cryptocurrency systems
systems
Like any other high net worth industry, the financial services industry is strictly regulated to help curb illegal and manipulative behavior. Each asset class has its own set of protocols in place to combat their respective forms of abuse. Who are the leading regulators in the industry? Regulatory bodies such as the UK Financial Conduct Authority (
Like any other high net worth industry, the financial services industry is strictly regulated to help curb illegal and manipulative behavior. Each asset class has its own set of protocols in place to combat their respective forms of abuse. Who are the leading regulators in the industry? Regulatory bodies such as the UK Financial Conduct Authority (
Read this term adoption in the country, finance poles mentioned. The third committee, which was established in May 2021, sought to evaluate the ISA’s policy regarding investment products in digital assets.
While Israel continues to work on drafting regulations for the cryptocurrency industry, public authorities in the country are actively cracking down on the use of digital currencies for crimes. Recently, Israeli authorities seized millions of dollars in cryptocurrency allegedly linked to groups in Iran and Lebanon. In a separate action, it seized 189 accounts on Binance that are said to be linked to Palestinian and Islamic terror groups.
Meanwhile, Israel, like major countries around the world, is also considering launching a Central Bank Digital Currency (CBDC). However, the country has linked the launch of its central bank’s digital currency, the digital shekel, to similar moves in other jurisdictions, particularly in the United States and the European Union.
Marex’s new COO; the LCH RepoClear Services merger; Read snippets of today’s news.
