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Israeli authorities and financial institutions tend to view crypto transactions suspiciously because their anonymized and encrypted nature makes it difficult to verify their origin. Israel's law on the prohibition of money laundering requires that suspicious deposits and withdrawals and all deposits exceeding NIS 50,000 (approximately $ 14,700) be reported to the Money Laundering Prohibition Authority. Money and Terrorist Financing (IMPA). In such cases, account holders must provide documentation that verifies the legitimacy of deposits.
Bitcoin atm in Tel Aviv Photo: Orel Cohen According to Israeli law, Bits of Gold, which has more than 50,000 registered users in Israel, must go through 2002, an Israeli court rejected a request from the country's tax administration to receive a list of clients from a member state.The bankrupt bank, stating that this information is protected under the laws on life
The local tax authority audited Bits of Gold last month, according to one of the people close to the case, targeting not the company itself but the agreement will see the exchange of pbad on information about customers who have traded more than $ 50,000 in total over the past 12 months.
In recent months, the authority has increased its focus on crypto investors, l & 39; One of the people familiar with the question told Calcalist Bits of Gold It's only the first company operating in the industry to be approached this way, said this person.
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