Israel’s Central Bank joins our crypto news today for trying to look find some input from the public about crypto regulation.
The Central Bank of Israel is working with multiple government agencies in order to find the input to monitor the developments on the crypto market and to better understand how they affect on the financial stability of the country and the economic activity on the financial market.
According to a press release, the input from stakeholders as well as the input from other parties that are interested will be extremely useful for forming a set of recommendations that will help draft the regulation. The press release reads:
‘’The team would like to monitor developments in this area in Israel and abroad, and to examine the issues concerning the application of regulation to the various uses of the technology and their implications for economic activity, the financial markets and financial stability. The team will gather data and information for the purpose of creating a knowledge base on the issue for regulators and the public, and in order to formulate recommendations regarding the desired regulatory policy.’’
Some of the biggest problems with the team consisted of the Bank of Israel; the Ministry of finance, Israel Tax Authority, and the Capital Market authority are the risks that come with the using of digital currencies. This is taken into consideration because last month a report noted that issuing a digital Shekel will pose a risk to the financial system.
The agency team believes that the distributed ledger technology and cryptocurrencies are extremely beneficial to multiple areas of the economy.
South Africa Doesn’t Intend On Banning Crypto Trading
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
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