Israel will tighten cryptocurrency regulation rules
This is necessary to prevent terrorist financing
17.11.2021 - 11:15
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What’s new? Israel’s Money Laundering and Terror Financing Prohibition Authority has announced that new rules have come into force to crack down on criminal activity and normalize the use of cryptocurrencies. This is reported by The Jerusalem Post news agency.
Article on The Jerusalem Post portal
According to the agency's director, Shlomit Wagman, the implementation of these rules will help to establish order and clear standards.
What is the basis of the new recommendations? The rules have emerged as a result of standards introduced by the Financial Action Task Force (FATF) in 2018. Cases of money laundering were common in Israel because of the lack of regulatory oversight.
What events preceded it? Israel had previously cooperated with the US Treasury Department to crack down on ransomware attacks, through which scammers demanded a ransom in the form of cryptocurrencies. Israel's National Bureau for Counter Terror Financing recently seized digital assets that had been transferred to Hamas. Law enforcement agencies quickly responded to the crime and froze the funds as the attackers interacted with exchanges.
Cryptocurrency companies are now required to file reports, just like other financial institutions.
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