Bank of Israel Seeks Task of Supervising Stable Crypto Assets, Here’s What’s Brewing

The proposal includes giving the Bank of Israel the authority to oversee transactions of stable digital assets.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 29 November 2022 18:08 IST

Bank of Israel Seeks Task of Supervising Stable Crypto Assets, Here’s What’s Brewing

Photo Credit: Pixabay/ Dean Crosby

28 percent of Israel’s population of 94 lakh owned crypto assets as of April 2022

Highlights

Israel is taking gradual steps before experimenting with crypto
Israel is conducting detailed research around crypto
India, UK, US are among other nations working on crypto rules

The stir around crypto regulations has intensified around the globe. Israel is the latest nation to join the list of countries that have accelerated their efforts around regulating the digital assets sector. Israel's ministry of finance is now assessing the threats and challenges associated with the volatile industry, in order to curate appropriate rules to safeguard Israel's crypto community. The government there is looking to tax crypto held by their citizens abroad, among other proposals.

Shira Greenberg, the chief economist of Israel has submitted a detailed report proposing potential rules that may finetune the crypto industry in the Western Asian nation.

The proposal includes giving the Bank of Israel the authority to oversee transactions of stable digital assets.

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“The creation of a mechanism that will be enshrined in legislation for the transfer of supervision to the Bank of Israel over digital assets that have a significant stability or monetary effect,” the blog post by the Israeli government said.

Soon after, Israel may also get a committee, dedicated towards regulating the formations and operations of decentralised autonomous organisations (DAOs), that are created on blockchains not servers, making them more ‘free, transparent, and independent' in nature.

Back in April, Gemini crypto exchange had reported, that 28 percent of Israel's estimated population of 94 lakh, owned crypto assets.

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That explains why the government of Israel is expediating the research work around the crypto industry.

With bringing crypto under the tax regime, Israel will be able to keep track of crypto transactions generating from within its territories.

Activities in the sector have escalated in Israel off late.

Israeli crypto firm eToro recently acquired options trading platform Gatsby in a bid to expand its presence and services in the US. Headquartered in Israel's Tel Aviv, eToro started in 2007 as a fintech firm that shifted focus towards the crypto sphere as its business evolved.

Back in October, the Tel Aviv Stock Exchange (TASE) said that it was looking into establishing a blockchain-based digital asset trading platform.

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Further reading: Cryptocurrency, Israel, Crypto Assets, Crypto Laws

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More