Israel seeks precise and clear laws to allure crypto firms

Crypto firms are facing significant hits from governments around the globe. Notably, China has already prohibited crypto firms from operating in the region. Simultaneously, several other nations are also scrutinizing such firms or have already imposed bans. Notably, the Israeli financial regulator will be organizing its first technology hackathon as a part of a larger effort to monitor the nation’s burgeoning fintech industry. It is also announced that the Israel Securities Authority (ISA) will organize the event on March 24, 2022, in Tel Aviv.

Israeli regulators aims to attract blockchain ideas

In conjunction with the hackathon that will be held next month, the financial authorities are looking to attract more blockchain-based ideas. According to the ISA, such events and ideas would help strengthen their national infrastructure supporting the Israeli securities and sovereign debt markets.

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In a recent interview, Anat Guetta, the ISA’s chairwoman underscored that the crypto and blockchain hackathon is a part of a bigger push by the leading financial technology regulator in Israel. 

The event will help to communicate them directly with specialists in fintech innovation and to begin developing the skills required for the nation’s long-term aspirations to regulate the crypto and fintech industry.

Furthermore, Guetta highlighted that the main motivation behind the event is to facilitate the transfer of technology from a developmental environment to applications in a large-scale live environment. And the initiative would light various technological, business and regulatory concerns.

Israeli authorities should support crypto ventures

In establishing the event and focusing on the goal to enhance their infrastructure, the chairwomen intend to encourage other national authorities to support crypto ventures. So, these ventures should incorporate new technologies by integrating them into the nation’s current capital market infrastructure.

When it comes to cryptocurrency and blockchain, the chairwoman of the ISA acknowledged that the regulators are lagging behind when it comes to technology.

ISA is trying to strike a balance by monitoring and enforcing regulations in the industry while also staying up to date with the latest innovative advancements across the world.

According to Guetta, ultimately they aim to get the power that they need in order to supervise and to build the new market for new participants. The regulator believes that it comprehends the regulation, and as in many other fields, such regulatory clarity is the license to do business.