The Israeli authorities have decided to tighten control over companies representing the cryptocurrency industry. Local startups and bitcoin exchanges are required to obtain a license granting the right to operate on the domestic market.
Such enterprises must be registered in a special state register as service providers and developers of blockchain services, according to the Globes news agency.
Licensing is handled by the Capital Markets, Insurance, and Savings Authority. The regulator is currently reviewing applications from several companies trying to obtain the right to operate in the country.
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As the head of Israel's Anti-Money Laundering Authority Shlomit Wagman noted, special attention should be paid to combating the criminal use of digital currencies.
Israel has been trying to force cryptocurrency holders to disclose their earnings over the past few years.
Late last year. The country's tax service has sent letters to all crypto traders demanding to disclose information about the income they receive from investments in digital assets.