Israeli regulator changes legal framework for cryptocurrencies
The Israel Securities Authority (ISA) has proposed a new structure to regulate cryptocurrencies as digital assets become more popular and more than 150 crypto companies operate in the country. The ISA promises to eliminate the risks associated with the new asset class and provide authorities with the means to regulate the industry.
The regulator intends to receive powers to oversee the digital asset industry as a whole in order to set requirements for cryptocurrency issuers and intermediaries, impose sanctions and fines. The proposal will be discussed until February 12.
According to the document, management officials intend to require intermediaries to comply with the rules that already apply to intermediaries in the traditional securities industry - the presence of a license, compliance with capital adequacy standards.
