Israel Looks at Bitcoin as Currency for Taxation
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24 September
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Israel can classify bitcoin and other digital assets as a currency for taxation, Israeli news website Globes has learned, citing four representatives from the Yisrael Beiteinu party, a secular nationalist political party in Israel.

It is reported that the four politicians have proposed new amendments to the Income Tax Ordinance, according to which, crypto-related activities should be considered as with fiat currencies for the taxation.

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As of press time, cryptocurrencies in Israel are considered as assets and taxed 25% under capital gains tax. If and when the amendments come into effect, cryptocurrency sellers will be obliged to fill a tax report within 30 days of the transaction and pay an advance on the tax rate applicable to the transaction’s capital gains.

In August 2019, cryptocurrency traders from Israel filed several lawsuits against financial institutions due to the restrictions that had been imposed on their bank accounts before.

U.S. State May Recognize Crypto as Money

The traders were demanding the Bank of Israel and the commercial banks to "make their policy in this matter public."

However, the Chairman of Bitcoin Association, Meni Rosenfeld said that the central bank had refused the Bitcoin Association's request, citing "commercial secrets."

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