Bank of Israel allowed crediting profits generated from cryptocurrency activities

The relevant directive has already been prepared and sent to local banks

05.01.2022 - 09:00

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What’s new? According to the media reports, the Israeli regulator has softened its stance on cryptocurrencies. According to the new directive of the Bank of Israel, the country's financial institutions will be able to credit citizens' accounts with profits earned from crypto assets transactions.

News source on the Cryptopotato website

What else is known about the new directive? The residents of Israel will be able to transfer profits from trading operations to banks, but only legal transactions are involved. The banks will ask citizens for the source of the funds’ nature before crediting them.

Despite the regulator's permission, each bank will make the final decision on its own. “Crediting profits can be refused even in cases, which do not really create a real risk of money laundering,” Ron Tzafrati, vice president of the Bit2C exchange, explains the new measure.

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