The Institute of Chartered Accountants of Israel (ICPAI) has decided to create a public committee of experts on working with cryptocurrencies and regulating the digital asset market.
The Bank of Israel has not yet formulated the principles for regulating the cryptocurrency industry and has not given appropriate instructions to the banking system. Referring to this, ICPAI President Chen Schreiber decided to create a public committee of experts on regulation and protection of activities in the cryptocurrency market.
The main goals of the committee’s work are to make the best use of Israel’s ability to offer cryptocurrency market participants rules to protect investors and encourage open and transparent activities.
The proposals of the public committee will be advisory in nature and will not become binding on the regulatory bodies of the Ministry of Finance and the Bank of Israel.
In June, the Blockchain Technology Stakeholders Association of Nigeria (SiBAN) launched a code of conduct for Virtual Asset Service Providers (VASPs) on a similar mission. The VASP Code does not replace laws or regulations, but recommends the use of personal data protection measures, separation of client and company assets, methods for detecting financial crimes and preventing conflicts of interest.
Source: Bits
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