The Israeli financial regulator recommended the creation of a platform for trading cryptocurrencies

The Israel Securities Agency (ISA) has published a final report on the regulation of cryptocurrencies, recommending, in particular, the creation of a special platform for trading digital assets. This writes the local business publication Globes .

The report to the chairman of the ISA, Anat Guette, presented a special committee of the department, which was formed in 2017 to develop proper regulation of cryptocurrencies.

Commenting on the proposed recommendations, Guetta noted that they are intended both to develop the crypto sector and to protect the rights of investors. She also added that the excitement around the cryptocurrency has passed, the underlying technology will continue to develop.

In particular, ISA recommends introducing disclosure requirements for cryptocurrency offers that qualify as securities, stating that such offers should be monitored in a manner similar to crowdfunding.

Also in the report of the regulator outlined a few basic ideas about how to support the cryptocurrency industry in the country. These include the creation of a regulatory sandbox for projects, as well as the creation of a regulated platform for trading cryptocurrencies.

Opening the last question in more detail, the authors of the report say:

“So far, no permission has been reported for regulators in any country to operate cryptocurrency exchanges. Platforms in this area are designed exclusively for sophisticated investors. At the same time, there are old trading platforms for cryptographic assets in the US market, such as Coinbase, which develop this sector (through licensed broker-dealers and with SEC approval), as well as regulated traditional exchanges that have declared their intention to facilitate trade in these assets. . These include the stock exchanges of Gibraltar, Malta, Switzerland, Australia and the London Stock Exchange, which is developing such a platform in collaboration with other companies and in agreement with the FCA. ”

Recall that at the end of December 2018, it was reported that the Israel Revenue Service (ITA) is taking decisive measures against those who hide their income from investments in cryptocurrency and trading.

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