Financial regulators in Israel have indicated that they will be involving the public in developing crypto laws in the country.
The Bank of Israel released a statement dubbed ‘Request for Information: Interministerial Team for Regulatory Coordination of Virtual Assets.’ The team which will be working to develop crypto laws in Israel comprises of members from the Capital Markets Authority, the National Economic Council, the Bank of Israel, the Israel Tax Authority, the National Cyber Bureau, the Israel Securities Authority, among others.
The interministerial team putting together the crypto laws will be tasked with:
Monitoring developments in this area [virtual assets] in Israel and abroad, and to examine the issues concerning the application of regulations to the various uses of the technology [blockchain] and their implications for economic activity, the financial markets, and financial stability. The team will gather data and information for the purpose of creating a knowledge base on the issues for regulators and the public, and in order to formulate recommendations regarding the desired regulatory policy.
The team will engage the public on the main barriers emanating from a regulatory framework, the risks presented by virtual currencies, the opportunities presented by cryptocurrencies, among others.
For example, the team tasked with developing crypto laws will look at:
What are the main barriers, regulatory or otherwise, with which Israeli parties at interest operating in the context of investing and fundraising in the area of virtual assets must deal if they wish to operate in Israel? If the company has previous experience raising funds in Israel, we would like to know what specific barriers it has encountered.
The team will also be seeking to understand how the technology that underpins cryptocurrencies can be used to combat money laundering and preventing cryptos from being used in terrorism financing.
Do you think involving the public while formulating crypto laws will help in the development of a comprehensive regulatory framework around digital currencies?
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