Israeli Knesset Creates Special NFT for New President Isaac Herzog
Israel’s parliament, the Knesset, has become the first national legislature to release a non-fungible token. The special NFT has been created for the country’s new president, Isaac Herzog, who took office this week after his election in early June. Knesset Becomes First Parliament to Issue NFT Isaac Herzog received the token right before his inauguration on Wednesday, the Jerusalem Post reported. The unique NFT represents a copy of the original oath signed by his late father, Israel’s sixth president, Chaim Herzog. President Isaac Herzog With the symbolic gesture, the....
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The NFT is a digital representation of the oath of office signed by Israel’s sixth president, Chaim Herzog, who is the father of President-elect Isaac Herzog. Given nonfungible tokens’ (NFT) ability to digitally represent a wide set of assets, the underlying technology has found itself with numerous use cases including property and digital collectibles.One of its newest use cases comes from Israel, where the government has decided to welcome President-elect Isaac Herzog with an NFT oath. The NFT is a digital representation of the oath signed by his father and the country’s sixth president,....
“The regulatory reality in Israel is not adapted to the existing reality in the field,” the proposed bill states. Four members of the Israeli legislature are recommending that digital currencies be treated more like fiat for tax purposes.According to a report from Israeli news outlet Globes, Knesset members MK Oded Forer, Yevgeny Soba, Yulia Malinovsky, and Alex Kushnir proposed on Sept. 22 that the government body amend existing tax law so that digital currencies like Bitcoin (BTC) would not be subject to capital gains taxes. Under current income tax policy, Bitcoin is treated as an asset....
The vibrant Israeli fintech industry generates innovation using Blockchain technology which leaves the regulator no choice but eventually to join in. Special Counsel Roy Keidar examines the development and the current state of Blockchain in Israel. The military factor. Despite its small size, Israel, long recognized as a hotspot for disruptive innovation, is becoming a leading force in Blockchain technologies. The flourishing Israeli tech ecosystem, boasting the highest concentration of tech companies outside of Silicon Valley, provides fertile ground for pushing DLT forward. One of the....
Israeli lawmakers have proposed in a draft new law to treat bitcoin as a currency instead of an asset for tax purposes, local media reported. According to a report from Globes, four legislators from the Yisrael Beiteinu political party presented the Income Tax Ordinance (Taxation of the Sale of Digital Currencies) bill in the Israeli parliament Knesset on September 22. The bill by the four – MK Oded Forer, Yevgeny Soba, Yulia Malinovsky, and Alex Kushnir – proposes several changes to crypto taxation, including the amendment of the existing tax law to exempt digital assets like....
Israeli business newspaper Globes is reporting that the Israeli government is mulling the possibility of imposing a tax on profits from Bitcoin. The article states that the Israel Tax Authority is considering the move based on the idea that anyone who makes profits from Bitcoin owes taxes. It was unclear how exactly a tax on Bitcoin profits would be levied, though, as Israel has yet to even recognize Bitcoin as an official currency. Israeli Bitcoin exchange Bits of Gold’s CEO, Jonathan Rouach, suggests the tax authority is not prepared for the necessary paradigm shift to even know where to....