Key Points:
The Israel Securities Authority (ISA) is working to create a new regulatory framework for digital assets that mainly falls within its purview, which might provide the sector more clarity.
According to the plan, to incorporate “digital assets” into the existing securities legislation, potentially designating the majority of cryptocurrencies as financial investments subject to ISA control. The amendments would add digital assets to the current category of “financial instruments” in Israeli securities law and define them as digital representations of value that are utilized for financial investment and that can be exchanged using a distributed ledger.
According to the agency, this initiative aims to safeguard investors while simultaneously enabling the unique benefits of cryptocurrencies. Although some activities involving digital assets are already subject to existing securities rules, the ISA claims that the requirements may be challenging to implement in their current form.
The ISA’s chairperson, Anat Guetta, has made it apparent that she doesn’t perceive much of a difference between cryptocurrencies and securities, following the lead of Gary Gensler, the chairman of the U.S. Securities and Exchange Commission.
The authority’s plan asks for public feedback until February 12 and specifies a six-month window before it would fully take effect following approval. The ISA has also made an effort to keep in mind the need for laws to be adaptable to deal with advancements in the technology underlying crypto assets.
The agency emphasized in this week’s recommendation that the business has been seriously harmed by high-profile failures, including Celsius’ demise, which had sizable operations in Israel.
This new move by the nation’s securities watchdog follows the Ministry of Finance’s decision to issue a series of proposals for regulating digital assets in November, intending to advance Israel’s entry into the market.
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Miami, Florida, 13th November 2024, Chainwire
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