The Israeli Ministry of Finance issued a set of recommendations for the regulation of digital assets on Monday, furthering the country’s foray into the world of cryptocurrencies. The recommendations call for the establishment of a new regulatory infrastructure, as well as legislation authorising and supervising the issuance of backed digital assets, such as stablecoins, and the provision of financial services through them. The recommendations also call for legislation to be passed to give the Bank of Israel oversight over digital assets “with a significant stability or monetary effect.” The guidelines also include a proposal to allow the payment of taxes on cryptocurrency held outside of Israel through the Bank of Israel. Furthermore, the proposal would create an inter-ministerial committee to supervise the regulation of decentralised autonomous organisations.
