Israeli Regulators Launch an Inter-Regulatory Panel on Virtual Assets

The Bank of Israel announced the establishment of an inter-regulatory panel for the purpose of strengthening the cooperation on the regulation of cryptocurrencies and virtual assets. The panel includes representatives from the Capital Market Authority, the Securities Authority, the Ministry of Finance, the National Economic Council, the Tax Authority, the Ministry of Justice, the Money Laundering and Terrorism Financing Prohibition Authority, the National Cyber Directorate and the Bank of Israel. The panel will examine issues relating to the application of regulation on uses of technology relating to virtual assets and their implications on economic activity, financial markets and financial stability. 

The panel is seeking public comments on what issues ought to be considered when developing a regulatory framework for virtual assets. Among other issues, the panel intends to examine the following: the main barriers Israeli stakeholders face when they use virtual assets - in general, and in investments and fundraising activities; the risks inherent to the use of virtual assets; the opportunities for the financial sector with this technology; and how technology can help address challenges in the prevention of money laundering and terrorism financing.

CLICK HERE to read the Bank of Israel press release (in Hebrew).