Israel Proposes New Crypto Legislation
The Israel Securities Authority (ISA) proposes amending existing securities regulations to include digital assets under the authority’s supervision in order to clarify their legal status.
The proposed changes would classify digital assets as “financial instruments” under Israeli law, defining them as virtual representations of value used for investment that can be moved using a distributed ledger. Most crypto could potentially be treated as financial investments supervised by the ISA.
According to the ISA, its efforts to clarify the legal status of digital assets under existing securities regulations are intended to protect investors while allowing for the benefits of cryptocurrency. The ISA noted that while current securities laws can regulate some digital assets activity, they can be difficult to interpret and apply as written.
(Reporting by Shikha Singh; Editing by Kapil Rajyaguru)
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