Israel fights against money laundering with cryptocurrencies
This movement will define the standards and rules that must be fulfilled in relation to banking entities in association with digital currencies
Authorities of the Ministry of Finance of Israel recently announced the launch of a draft of the Money Laundering Prohibition Order applied to businesses that trade with cryptocurrencies and also other regulations, concerning trade with customers and service providers with digital currencies.
“The definition of a financial asset service that replaces and expands the term money services includes all activities and services through a business that does not involve the granting of credit, the intention being to allow the supervision of financial services, which they are tangible assets or standard financial means, in an area that has been developing in the last years”, cites the document presented by the executives.
The draft aims to confront the current market in order to reduce the criminal acts associated with money laundering.
The new legislation would be in force from June 1 of this year, so any service provider with cryptocurrencies or banks or exchanges will be obliged to supervise and report any suspicious or illegitimate activity by clients.
Likewise, they must have a registry of commercial activities, with complete data of the transactions, including IP addresses, of digital portfolios and the type of cryptocurrency transacted since the last five years.
This movement will define the standards and rules that must be fulfilled in relation to banking entities in association with digital currencies; as well as it will open the terrain of safer negotiations and in accordance with the law.
N. Moncada
Source: CoinCrispy
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