Israel delays cryptocurrency transaction regulations
Authorities of the Ministry of Finance postponed the entry into force of the regulations for four months
The entry into force of the regulations on cryptocurrency transactions in Israel was suspended by four months. Authorities of the Ministry of Finance indicated that there is a high risk of tax evasion with the modality of digital exchanges and they look for a regulatory framework to avoid this and other crimes.
The actors that make up the financial system of Israel were surprised by the change in the entry into force of the regulations, as they were expected to apply from this June 1st throughout the territory.
The decision will also affect fintech companies that now have to wait for the four-month period established by the authorities, with the fear that this will cause a stagnation in the economy.
Jacob Enoch, vice president of the Israeli Bar Association (IBA) said that one of the main reasons for postponing the entry into force of the regulations is the absence of a mechanism to prevent money laundering.
Enoch stressed that beyond creating discomfort in the financial sector, what they seek is a dynamic based on clear rules for the institutions that will be in charge of the exchange in cryptocurrencies in Israel.
M.Pino
Source: Cryptovest
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