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Israeli Finance Ministry Chief Economist Calls for Tighter Regulation of the Crypto Industry

Israeli Finance Ministry Chief Economist Shira Greenberg has proposed creating comprehensive legislation and expanding the powers of the country’s Securities Authority to increase the protection of crypto investors.

Shira Greenberg stated that stricter licensing requirements for trading platforms and issuers of cryptocurrencies, as well as more secure management of money received from the digital asset market, will reduce the risk of investing in cryptocurrencies.

She suggested that the Israel Securities Authority, the country’s financial regulator, be given greater powers to oversee licensing rules and develop a more comprehensive taxation system for the purchase and sale of digital assets.

Greenberg believes it is important to expand the powers of the regulator to the necessary level so that the Authority can determine whether a digital asset is subject to securities laws and monitor the activities of payment service providers in the crypto industry.

The Economist also mentioned the need for special licensing and oversight rules for stablecoin issuers, and proposed the creation of an interdepartmental committee to review and regulate decentralized autonomous organizations (DAOs).

According to her, politicians and legislators need to adhere to technological neutrality when implementing rules related to digital assets. Israeli Finance Minister Avigdor Lieberman said the Greenberg Report will serve as the basis for decisions on digital assets in the coming months.

In September, the Israel Capital Markets, Insurance and Savings Authority (CMISA) issued a license to Hybrid Bridge Holdings Ltd to conduct digital asset transactions in the country.

Source: Bits

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