Taking forward advanced the nation's entry into the <a href="https://www.cryptoknowmics.com/news/cryptocurrency-fraud-in-uk-increases-by-a-third-to-over-270m">cryptocurrency</a> sector, the Israeli Ministry of Finance published a list of <a href="https://www.gov.il/he/departments/news/press_28112022">proposals</a> for the governance of <a href="https://www.cryptoknowmics.com/news/abra-global-announces-plans-for-u-s-bank-supporting-digital-assets">digital assets</a> in the country on Monday. The suggestions urge the development of new regulatory frameworks, licensing authorities, and oversight over the issue of supported digital assets, notably <a href="https://www.cryptoknowmics.com/news/truelayer-to-support-coinbase-payments-and-focus-on-stablecoins">stablecoins</a>, and the delivery of financial services via them.
<h2>Israel Govt. Proposes New Crypto Regulations</h2>
The recommendations also contain a suggestion to let taxation of cryptocurrency kept outside of Israel be paid through the Bank of Israel. The plan would also establish an inter-ministerial commission to supervise the regulation of <a href="https://www.cryptoknowmics.com/news/apecoin-dao-launches-community-driven-nft-marketplace">decentralized autonomous organizations (DAO)</a>. Additionally, the guidelines urge the Bank of Israel to be given control over digital assets that have substantial stability or economic influence.
<h2>Crypto Taxation - Primary Focus of Israel</h2>
The proposal's main component is the taxation of cryptocurrency. Israel's tax office estimates that uncollected <a href="https://www.cryptoknowmics.com/news/oecd-publishes-finalized-framework-for-crypto-tax-reporting">cryptocurrency taxes</a> from 2019 to 2022 might total several billion shekels.

In recent months, <a href="https://www.cryptoknowmics.com/news/israeli-govt-and-tel-aviv-stock-exchange-collaborate-to-issue-digital-state-bond">Israeli government</a> representatives have started dipping their fingers into the digital asset market. The <a href="https://www.cryptoknowmics.com/news/israeli-govt-and-tel-aviv-stock-exchange-collaborate-to-issue-digital-state-bond">Tel Aviv Stock Exchange (TASE)</a> disclosed in October that it was investigating the creation of a digital asset trading system based on blockchain technology. The first permanent license to operate in cryptocurrency operations was given to a private business a month earlier by Israel's markets regulator.

Israeli Ministry of Finance Offers New Regulations for Digital Assets

Israeli Ministry of Finance advanced the nation's entry into the crypto sector by publishing a list of proposals for the governance of digital assets.

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Israeli Ministry of Finance Offers New Regulations for Digital Assets

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