Israel’s chief economist offers suggestions for crypto regulation | The Financial Express

Israel’s chief economist offers suggestions for crypto regulation

Sheera suggested giving the Supervisor of Financial Service Providers more authority to oversee licencing regulations

Israel’s chief economist offers suggestions for crypto regulation
Israel should strengthen investor protection and certainty, according to Greenberg, by requiring cryptocurrency issuers and trading platforms to obtain stricter licences

In order to safely increase crypto adoption, Israel’s chief economist has provided policymakers with a list of recommendations for how to approach the nation’s laws governing digital assets, as reported by Cointelegraph.

According to Cointelegraph, Shira Greenberg, the chief economist at the Ministry of Finance, advocated for a more thorough regulatory framework that would bring trading platforms and cryptocurrency issuers into compliance and would increase the authority granted to its financial regulators in a 109-page report delivered to the Minister of Finance on Nov. 28.

Israel should strengthen investor protection and certainty, according to Greenberg, by requiring cryptocurrency issuers and trading platforms to obtain stricter licences and by ensuring that funds derived from digital assets are managed more securely, Cointelegraph noted.

Additionally, she suggested giving the Supervisor of Financial Service Providers more authority to oversee licencing regulations and create a more thorough taxation framework for the purchase and sale of digital assets.

(With insights from Cointelegraph)

Also Read: Cryptocurrency lender BlockFi files for bankruptcy, cites FTX exposure

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First published on: 29-11-2022 at 15:00 IST