Categories: Market

Israel reportedly passed new AML rules for cryptocurrencies

Israel reportedly enacted new regulations regarding the cryptocurrency industry to combat illegal activities such as money laundering and terrorist financing.

Local news agency Globes reported that the Israeli government on Sunday introduced new anti-money laundering (AML) regulations that require local fintech companies and virtual currency providers (VASPs) to have an operating license.

Israel’s Securities and Markets Authority, Insurance and Savings, the country’s independent financial regulator, are currently reviewing the various VASPs that have applied for such a license.

Shlomit Wegman, director of the Money Laundering and Terrorism Financing Authority (IMPA), says the new AML rules will help the country curb the criminal use of digital assets while providing the industry with more support and legality, the Jerusalem Post reported .

“The enactment of regulations brings real progress for the Israeli economy, fintech industry and improving financial competition,” the official said.

The Israeli government has been actively working on regulations to combat illegal activities related to cryptocurrencies this year. In July, Israel’s Treasury Department proposed a law requiring residents to file a tax return for crypto purchases over $ 61,000. Previously, the Israeli Defense Minister allegedly authorized security forces to seize crypto accounts believed to be linked to the militant wing of Hamas.

Related: FATF includes DeFi in guidelines for crypto service providers

Meanwhile, Israel’s central bank is experimenting with its own digital currency. As previously reported, the Central Bank of Israel has been issuing central bank digital currency since June 2021 through a pilot test of a digital shekel.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best Cryptos with 1000X Potential: Qubetics Revolutionises Blockchain as Polkadot and Cosmos Shape the Future

Discover why Qubetics, Polkadot, and Cosmos are the best cryptos with 1000X potential, offering innovation,…

3 hours ago

Best Coins to Buy in December 2024: Qubetics Offer 630% ROI, Polkadot Delivers on Interoperability and Near Protocol’s Scalability is Talk of the Town

Explore the best coins to buy in December 2024—Qubetics with its thrilling presale, Polkadot’s interoperability,…

9 hours ago

Crypto Market Outlook 2025 Key Factors to Watch

The Crypto Market Outlook 2025 highlights key areas: stablecoin growth, tokenization, crypto ETFs, DeFi innovation,…

12 hours ago

Bitcoin Quantum Computing Threat Expected to Take Decades

The Bitcoin quantum computing threat is years away, but reserves already support post-quantum signatures via…

12 hours ago

Best New Meme Coins to Invest in Today: BTFD Coin Wows Investors with Unmissable Stage-7 Price Reversal as Book of Meme and Snek Crash

Don't miss BTFD Coin's Stage-7 presale dip! Find out why it's leading the pack of…

12 hours ago

Crypto Hedge Funds Banking Issues Persist Over Recent Years

A WSJ survey reveals crypto hedge funds banking issues over three years, with 120 out…

12 hours ago

This website uses cookies.