Lawmakers in Israel conducted a preliminary reading to a new invoice which offers the exemption of foreigners from tax on capital gains or profits derived from their cryptocurrency activities.
The bill, which seeks to amend Israel’s income tax ordinance, also mandates halving the 50% tax on employee crypto options. The objective in this regard is to extend the tax advantage enjoyed by workers in the traditional high-tech industry to the digital asset industry.
Dan Illou, a lawmaker from Prime Minister Benjamin Netanyahu’s Likud party, noted in a statement that the bill has the support of the Netanyahu-led coalition government. The bill is also part of the current administration’s plans to attract foreign investment to Israel, CoinDesk quoted Illou in a statement.
The latest development comes as Israel seeks to regulate the emerging digital asset industry. In November, Shira Greenberg, chief economist at Israel’s Ministry of Finance make recommendations to regulate the country’s digital asset market, including creating mechanisms for paying taxes on digital asset activities “to remove barriers and increase certainty.”
“Regulatory processes are being formulated and determined during this period in various countries of the Western world, and it is recommended that the State of Israel act in accordance with emerging standards in the developed world,” Greenberg said in a statement.
Earlier this year, the Israel Securities Authority (ISA) also released a proposal to change the applicability of the West Asian nation’s securities laws 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 risk and protecting investors.
Crypto Regulation in Israel
Over the past five years, Israel has established three committees to review various areas of crypto regulation
Regulation
Like any other high net worth industry, the financial services industry is tightly regulated to help combat illicit behavior and manipulation. Each asset class has its own set of protocols in place to combat their respective forms of abuse. In the foreign exchange space, regulation is assumed by the authorities of several jurisdictions, although it ultimately lacks a binding international order. Who are the main industry regulators? Regulators such as the UK Financial Conduct Authority (
Like any other high net worth industry, the financial services industry is tightly regulated to help combat illicit behavior and manipulation. Each asset class has its own set of protocols in place to combat their respective forms of abuse. In the foreign exchange space, regulation is assumed by the authorities of several jurisdictions, although it ultimately lacks a binding international order. Who are the main industry regulators? Regulators such as the UK Financial Conduct Authority (
Read this term and adoption in the country, finance tycoons reported. The third committee, which was established in May 2021, sought to assess the ISA’s policy on digital asset investment products.
As Israel continues to work on formulating regulations for its crypto industry, public authorities in the country are actively opposing the use of digital currencies for crimes. Recently, Israeli authorities seized millions of dollars in crypto allegedly linked to groups in Iran and Lebanon. In a separate action, he confiscated 189 Binance accounts believed to be linked to Palestinian and Islamist terrorist groups.
Meanwhile, Israel, like major countries around the world, is also considering the launch of a central bank digital currency (CBDC). However, the country has linked the launch of its CBDC, the digital shekel, to similar moves in other jurisdictions, particularly the United States and the European Union.
New COO at Marex; the merger of LCH RepoClear services; read today’s news nuggets.
Lawmakers in Israel conducted a preliminary reading to a new invoice which offers the exemption of foreigners from tax on capital gains or profits derived from their cryptocurrency activities.
The bill, which seeks to amend Israel’s income tax ordinance, also mandates halving the 50% tax on employee crypto options. The objective in this regard is to extend the tax advantage enjoyed by workers in the traditional high-tech industry to the digital asset industry.
Dan Illou, a lawmaker from Prime Minister Benjamin Netanyahu’s Likud party, noted in a statement that the bill has the support of the Netanyahu-led coalition government. The bill is also part of the current administration’s plans to attract foreign investment to Israel, CoinDesk quoted Illou in a statement.
The latest development comes as Israel seeks to regulate the emerging digital asset industry. In November, Shira Greenberg, chief economist at Israel’s Ministry of Finance make recommendations to regulate the country’s digital asset market, including creating mechanisms for paying taxes on digital asset activities “to remove barriers and increase certainty.”
“Regulatory processes are being formulated and determined during this period in various countries of the Western world, and it is recommended that the State of Israel act in accordance with emerging standards in the developed world,” Greenberg said in a statement.
Earlier this year, the Israel Securities Authority (ISA) also released a proposal to change the applicability of the West Asian nation’s securities laws 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 risk and protecting investors.
Crypto Regulation in Israel
Over the past five years, Israel has established three committees to review various areas of crypto regulation
Regulation
Like any other high net worth industry, the financial services industry is tightly regulated to help combat illicit behavior and manipulation. Each asset class has its own set of protocols in place to combat their respective forms of abuse. In the foreign exchange space, regulation is assumed by the authorities of several jurisdictions, although it ultimately lacks a binding international order. Who are the main industry regulators? Regulators such as the UK Financial Conduct Authority (
Like any other high net worth industry, the financial services industry is tightly regulated to help combat illicit behavior and manipulation. Each asset class has its own set of protocols in place to combat their respective forms of abuse. In the foreign exchange space, regulation is assumed by the authorities of several jurisdictions, although it ultimately lacks a binding international order. Who are the main industry regulators? Regulators such as the UK Financial Conduct Authority (
Read this term and adoption in the country, finance tycoons reported. The third committee, which was established in May 2021, sought to assess the ISA’s policy on digital asset investment products.
As Israel continues to work on formulating regulations for its crypto industry, public authorities in the country are actively opposing the use of digital currencies for crimes. Recently, Israeli authorities seized millions of dollars in crypto allegedly linked to groups in Iran and Lebanon. In a separate action, he confiscated 189 Binance accounts believed to be linked to Palestinian and Islamist terrorist groups.
Meanwhile, Israel, like major countries around the world, is also considering the launch of a central bank digital currency (CBDC). However, the country has linked the launch of its CBDC, the digital shekel, to similar moves in other jurisdictions, particularly the United States and the European Union.
New COO at Marex; the merger of LCH RepoClear services; read today’s news nuggets.
