June 1, Israel will enter into force regulations for cryptocurrencies

From 1 June in Israel will enter into force on the first law requiring all digital currency are financial assets. The bill, signed by Finance Minister Moshe Kalon, regulates the activities of financial service providers and specifies measures to counter money laundering with the use of cryptocurrency.

Under the law providing access to digital assets operators must comply with AML/KYC to report suspicious cryptocurrency clients, as well as at least five years keep records of addresses of digital wallets, the IP address and the number of each cryptocurrency

As reports the news source Globes, the representatives of the local cryptocurrency community took the news with optimism.

«In most cases, when our banks refused to accept money related to bitcoin, they are motivated by a lack of regulation in this sphere. The new law will bring clarity for market participants this area and will determine the rules that are allowed or forbidden, which will allow banks and financial institutions to know who complies with the law, and whose money they can safely get. A few weeks ago we made suggestions on this matter to the office for the fight against money laundering in Israel, and we welcome the prompt action of the regulator in this area,» – said the head of the Israeli Bitcoin Association Manny Rosenfeld.

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