The body overseeing the securities market in Israel is taking steps to incorporate rules for digital assets into the existing legislation. The regulator released a draft proposal to introduce the changes that would define the legal status of cryptocurrencies in the country.
Amendments to Israel’s Securities Laws Aimed at Expanding Supervision Over Crypto
Arguing that as crypto assets are often used for investment, the Israel Securities Authority (ISA) has insisted they need to be covered by the regulatory framework and placed under its oversight. To achieve that, the watchdog is suggesting amendments to the country’s legislation in the field.
The proposal seeks to change the existing securities laws so that they apply to digital assets. The new provisions define them as virtual representations of value that fall under the category of financial instruments, the latter being overseen by the ISA.
The logic behind the move stems from the authority’s view that in most cases cryptocurr
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