Israeli cryptocurrency market shows explosive turnaround – © Infos-Israel.News

The Israel Bitcoin Association (IBA) and the Israeli Crypto Community (ICC) held a conference on March 10 on cryptocurrencies and regulation in Tel Aviv. Speakers at the event included Science and Development Minister Orit Farkash; the head of the tax administration, Eran Yaakov; and Tectona Chairman Yariv Gilat.

“The market here contains huge potential and opportunities,” Farkash said at the event. “It’s similar to the development of the Internet; shows explosive change. The digital asset market has surpassed $3 trillion in value, with over 100 countries trading currencies, and we are significantly behind in terms of regulation.

“We saw the presidential decree published the day before yesterday. The UAE has said it’s a crypto haven, Miami is adapting it and we need to create tools that allow us to take action,” he said.

“We have created an interdepartmental working group that is on track to come to conclusions in the near future,” Farkash said. “It is extremely important for us to demonstrate our position, which is to remove barriers to innovation as quickly as possible. We want to adopt a responsible development policy to allow currencies to be active in the economy, provide solutions to potential barriers and see this as a strategic advantage for Israeli high technology. »

“I want to see this as an opportunity for Israel,” Yaakov added. “We have to make an effort to make it work, and there’s a lot of intelligence here that will allow Israel to be a pioneer in the industry. »

The tax authority will address the issue of non-fungible tokens and how to tax them, he said. “In 2021, there was $40 billion in NFT. Part of it was in Israel and will of course be taxed. We will post a clarification later today regarding NFTs as taxable assets. »

“Ukrainian individuals and institutions use digital currency channels to collect money for donations,” Gilat said. “I don’t think we can see a tool that works better than the existing infrastructure. On the other hand, anyone who wants to use Bitcoin as a safe haven for digital gold, we’re not at that point yet.



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