A division of Israel’s Ministry of Finance named, The Capital Market and Saving Authority is going to accelerate the process of obtaining licenses for blockchain and fintech companies within the country. According to a report published in Israeli business outlet Calcalist, The Capital Market has recently launched some dedicated industry teams for different purposes. Some of the teams are experts and specialize in blockchain companies. The Capital Market is looking forward to promoting local competition by providing licenses to more fintech companies.
Moshe Barkat, appointed as supervisor of the Capital Market in 2018, said, “Business and technological innovation and the relationship with the industry are the basic principles that guide the Authority in its operations. The Authority is engaged in the licensing and regulation of fintech companies on a regular basis, including digital insurance companies, P2P platforms and credit providers, digital wallets, blockchain-based fintech ventures, and other payment services providers.”
According to preliminary research by the Israeli Securities Authority, dozens of companies can receive a work permit in Israel with some changes to their business style or technologies. The Israel Bitcoin Association has started a legal petition to make local banks show their policies regarding crypto because the banks were not accepting money deposits generated via Bitcoin investors. According to Ugo.It, banks are still earning well. This banking issue problem is affecting ten thousands of investors in the country.