[ad_1]
There was a tumult and confusion in the crypto industry in Israel, while the Israeli Parliament – the Knesset – decided to postpone the law Although the delay is not appreciated, if the experts believe that the working document has floated, which could become the first primary law for cryptocurrencies in the country, has some break clauses that could set an example for the world.
Israel: The infant nation embracing Blockchain
According to estimates, in 2017, ICOs linked to Israel collected nearly $ 500 million, a remarkable share of the ICO's total cake that year . Startup Bancor raised a lot of eyebrows within the blockchain fraternity, which managed to raise nearly $ 150 million through an initial coin ( ICO bid ) in June 2017. And it's not only ICOs who raise Israel. The reputation in the world of blockchains is even rising among companies looking to implement and take advantage of blockchain features.
Some of the industries that are already testing with blockchain include secure tagging, tracking, and tracing of any digitized item, with the blockchain even being considered to track intellectual property and digital rights. In addition, banks appear to be embracing emerging technology. Hapoalim Bank, the largest bank in Israel by its badets, is an institution that seeks to adopt the chain of blocks in order to digitally secure documents, which could prevent customers from visiting the bank branches .
The bank requested the help of Microsoft Azure Microsoft's cloud service and a market leader in the development of blockchain
Read also: Regulatory confusion leaves the industry crypto with an uncertain future in Israel
Need for a revolutionary regulation in Israel
All aspects of Blockchain and cryptocurrency having been quickly accepted in Israel a robust and revolutionary law is necessary in Israel. And that's what the discussion paper demonstrates.
According to experts, who closely follow regulatory developments in the country, the paper adopts a truly pioneering approach to the regulation of financial services related to cryptography. The paper discusses the requirements for the identification, reporting and documentation of regulated financial service providers and it is perhaps the first time that a national (or state) regulator attempts a comprehensive approach to problem of identification of virtual currency holders. 19659003] One of the most known features of most virtual currencies is the anonymity of the holders and it is this anonymity (or pseudo-anonymity) that concerns the forces of the 39 order because of its ability to be used in money laundering activities, financing of terrorism and other illegal activities. With the discussion paper, the Israeli regulator said that each licensed cryptographic financial services provider will have to not only identify its customers and document all the standard information – name, identity number, address, and so on. – but also some unique identifiers that have not been collected or documented up to here, namely, the addresses (public key) of the virtual wallets involved in the transactions and the IP address used by the client .
Additional special reports will be required for specific cryptographic transactions that the regulator identifies as suspicious, such as the use of anonymous virtual currencies (such as Monero, Zcash, Zcoin, and Verge); trade via "mixing" platforms or use of anonymous IP addresses
These regulations are unprecedented in terms of scope and technical details. If they are adopted, Israel will have made the regulation of the virtual currency a big step forward.
Will these regulations change the way the Israeli cryptocurrency industry takes shape?
The New Crypto Laws of Israel Could Be "Inspiring" for the World "/>
Article Name
The New Crypto Laws of Israel Could Be" Inspiring " for the world "/>
19659020] Description
There was a turmoil and confusion in the crypto industry in Israel, while the Israeli parliament – the Knesset – decided to postpone four month the law governing the exchange of cryptocurrency May 31.
NILESH MAURYA
Publisher Name
COINGAPE
Publisher Logo
