Israel's Ministry of Finance Presents Plan to Legalize Crypto Market
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Nov. 30, 2022

Israel's Ministry of Finance published last Monday a program that involves the gradual implementation of a regulatory framework for the cryptocurrency market.

The country's Finance Ministry has proposed to pay special attention to the mechanism of licensing cryptocurrency companies and supervision of digital currency mining, including the issuance of stablecoins.

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According to the document, the Bank of Israel should take over regulatory functions. In addition, the Ministry of Finance proposes to introduce taxes on cryptocurrencies stored on foreign platforms, but owned by Israeli companies and citizens.

The program also talks about the creation of an inter-ministerial committee to oversee decentralized organizations or DAOs.

The licensing of cryptocurrency companies was introduced in Israel in November 2021.

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