Crypto

Israel Adopts New Anti-money Laundering Regulations for Crypto

Israel Adopts New Anti-money Laundering Regulations for Crypto

The Israeli government is reviewing several Crypto businesses to award operational licenses.

According to reports, Israel’s government has enacted new cryptocurrency legislation to combat criminal activities such as money laundering and terrorism financing.

According to local news agency Globes, the Israeli government imposed anti-money laundering (AML) legislation on Sunday, requiring local fintech companies and virtual currency service providers (VASP) to obtain operational licenses.

The Israel Security Authority, the Israel Capital Markets Authority, the Israel Insurance and Savings Authority, and the country’s independent financial institution.

The Israel Security Authority, the country’s independent financial regulator for capital markets, insurance, and savings, is reviewing numerous VASPs that have asked for an operating license.

The new Anti-Money Laundering guidelines, according to Shlomit Wagman, director of the Israel Money Laundering and Terror Financing Prohibition Authority, will help Israel curb illicit use of digital assets while simultaneously giving the business more support and legitimacy.

Related:  Jack Dorsey Explains Why He Isn't a Fan of Ethereum

“The execution of the legislation reflects true progress for the Israeli economy, the fintech industry, and enhancing financial competitiveness,” Wagman told the Jerusalem Post.

This year, the Israeli government has been very active in ensuring that there are regulations in place to combat illegal activities involving cryptocurrencies.

The Israeli Ministry of Finance proposed law in July requiring residents to file tax declarations for cryptocurrency purchases exceeding $61,000. The Israeli Defense Forces Minister had previously reportedly allowed security forces to seize Crypto accounts linked to Hamas’ militant branch.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.