Israel Financial Authority to Accelerate Blockchain and Fintech Licensing
The Capital Market, Insurance and Saving Authority, a division of Israel’s Ministry of Finance (MoF), is seeking to speed up the process of obtaining licenses for blockchain and fintech companies in the country.
Calcalist, Israeli economic news media reported development on August 19. According to the report, the authority has launched dedicated industry teams, some of which specialize in blockchain companies.
According to the report, the authority hopes to foster local competition by licensing more fintech companies. Moshe Barkat, who was appointed as department supervisor in 2018, noted:
“Commercial and technological innovation and the relationship with industry are the basic principles which guide the Authority in its operations. The Authority is regularly engaged in the licensing and regulation of FinTech companies, including digital insurance companies, P2P platforms and credit providers. , digital wallets, blockchain-based fintech companies, and other payment service providers.
In addition, preliminary research by the Israel Securities Authority has shown that dozens of companies, at a minimum, could be granted a work permit in Israel with minimal changes to their business models or technologies, according to the report. .
Bitcoin supporters attack Israeli banks
As previously reported by Cointelegraph, the nonprofit Israel Bitcoin Association has allegedly started a legal petition to force the Bank of Israel to disclose the policies of local banks relating to crypto. An anonymous cryptocurrency investor has also started a class action lawsuit against Israeli bank Hapoalim because they would not accept deposits of money generated through Bitcoin (BTC) investments.
The plaintiff’s lawyer, Lior Lahav, pointed out that this banking issue is a problem that affects tens of thousands of investors in the country:
“There are over 70,000 bitcoin investors in Israel who are facing the same problem from their banks […] 99% of them are ordinary people who have invested in something that is completely legal.