Bank of Israel issues draft guidelines on cryptocurrency AML/CFT
Private banks could be required to conduct risk assessments on case-by-case basis. On Friday, the Bank of Israel published a draft regulation on Anti-Money-Laundering and Combatting the Financing of Terrorism (AML/CFT) risk management for the banks facilitating crypto-to-fiat transactions.The move hints at the Israeli government’s preparations to legalize and regulate the relationship between banks and virtual currency service providers (VASPs). The document cites the customers’ increased involvement with digital assets as the rationale for the new policy:“In view of the increase in....
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The Israeli Tax Authority has issued an official draft circular to clarify the tax guidelines that apply to bitcoin adopters. In an announcement last week, the Israel Tax Authority released its draft [PDF] on the proposed taxation of virtual currencies which are considered “assets”. Pointedly, the announcement also cites the Bank of Israel – the country’s central bank – which does not see bitcoin or virtual currencies as foreign currencies and will, therefore, be taxed according to existing fixed tax rates. An excerpt from the announcement reads: [Bitcoin] will be considered in accordance....
The Israel Tax Department has drafted new cryptocurrency tax rules that consider Bitcoin as an asset, eligible for capital gains taxes. The cryptocurrency community in Israel now has some clarity about the legal status of Bitcoin in their country. The country’s tax authorities have recently announced that Bitcoin and other cryptocurrencies will be considered as assets and are taxable. The legal status of Bitcoin has always been a grey area in many countries across the world. But with the Israeli authorities clarifying their stance over the cryptocurrency, people can now manage their tax....
The central bank of Israel has offered a glance at what a digitalized version of the national fiat currency may look like. According to a released “draft model” of the coin, Israelis should be able to use the digital shekel in payments, even offline, and convert it to cash at any moment. The Israeli central bank digital currency (CBDC) will provide some privacy, but not anonymity. This Is What the Digital Shekel Should Look Like The Bank of Israel is getting ready to jump on the CBDC bandwagon with a plan to issue a digital currency of its own, after examining the issue for....
The Israeli Tax Authority (ITA) recently published a draft clarifying its stance on digital currencies including bitcoin for the first time. Bitcoin.com examines the legality of the draft and its effects on the Israeli Bitcoin community. The Draft is Not Yet Law. The draft published by the ITA earlier this month states that digital currencies should be....
The possibility of issuing a cryptocurrency fills the Central Bank of Israel with enthusiasm. A digital shekel has come from merely a theory to a persistent search for possible solutions. Their pros and cons list seems to have grown, leading them to be on the lookout for answers and new ideas. Back in June, Bank […]