Israel's Chief Economist Outlines Recommendations for Crypto Regulation
The chief economist said the supervisor of financial service providers and the Israel Securities Authority should be given more powers to oversee the sector.
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Israel's chief economist has compiled a list of recommendations on how policymakers should approach digital asset laws in the country to safely boost crypto adoption.
In a 109-page report submitted to the Minister of Finance on November 28, Shira Greenberg, Chief Economist at the Ministry of Finance, called for a more comprehensive regulatory framework that would align crypto trading venues and issuers and extend the powers granted to its financial regulators.
Greenberg recommended that Israel improve investor certainty and protection by imposing stricter licensing requirements on trading platforms and cryptocurrency issuers, as well as ensuring that funds from digital assets are managed more securely.
She also recommended that the Supervisor of Financial Services Providers have broader powers to oversee licensing rules and develop a more comprehensive tax framework for buying and selling digital assets.
Extensive powers for the Israel Securities Authority were also recommended by Greenberg, who said the powers were needed to determine whether a digital asset falls within the scope of Israeli securities laws and to monitoring the activity of payment service providers in the field of cryptography. space.
As for legislation, Greenberg mentioned the need to implement specific licensing and oversight rules for stablecoin issuers, as well as a proposal to create an interdepartmental committee to examine and regulate blockchain-based Decentralized Autonomous Organizations (DAOs).
She added that it was important for policymakers and lawmakers to consider the concept of technology neutrality when implementing digital asset rules.
Finance Minister Avigdor Lieberman commended Greenberg for his work, saying the report "constitutes the most comprehensive and up-to-date report currently available on this issue for government use" in Israel and that it expects “the report will serve as a basis for future decisions and legislation” on issues related to digital assets during the month…
The chief economist said the supervisor of financial service providers and the Israel Securities Authority should be given more powers to oversee the sector.
New
Israel's chief economist has compiled a list of recommendations on how policymakers should approach digital asset laws in the country to safely boost crypto adoption.
In a 109-page report submitted to the Minister of Finance on November 28, Shira Greenberg, Chief Economist at the Ministry of Finance, called for a more comprehensive regulatory framework that would align crypto trading venues and issuers and extend the powers granted to its financial regulators.
Greenberg recommended that Israel improve investor certainty and protection by imposing stricter licensing requirements on trading platforms and cryptocurrency issuers, as well as ensuring that funds from digital assets are managed more securely.
She also recommended that the Supervisor of Financial Services Providers have broader powers to oversee licensing rules and develop a more comprehensive tax framework for buying and selling digital assets.
Extensive powers for the Israel Securities Authority were also recommended by Greenberg, who said the powers were needed to determine whether a digital asset falls within the scope of Israeli securities laws and to monitoring the activity of payment service providers in the field of cryptography. space.
As for legislation, Greenberg mentioned the need to implement specific licensing and oversight rules for stablecoin issuers, as well as a proposal to create an interdepartmental committee to examine and regulate blockchain-based Decentralized Autonomous Organizations (DAOs).
She added that it was important for policymakers and lawmakers to consider the concept of technology neutrality when implementing digital asset rules.
Finance Minister Avigdor Lieberman commended Greenberg for his work, saying the report "constitutes the most comprehensive and up-to-date report currently available on this issue for government use" in Israel and that it expects “the report will serve as a basis for future decisions and legislation” on issues related to digital assets during the month…
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