Israeli cryptocurrency exchange and tax authority agree on regulatory framework

08 Jul, 2018
by Salahuddin Uqaili
News
Israeli cryptocurrency exchange and tax authority agree on regulatory framework

Israeli cryptocurrency exchange Bits of Gold has agreed to provide tax authorities with information on clients who carry out large transactions, in a move which will strengthen regulation in Israel’s cryptocurrency market.

According to a local news site, Bits of Gold will inform Israel’s tax authorities of any users who have traded more than 50,000 USD over the past year. Bits of Gold already supplies the Israeli Money Laundering and Terror Financing Prohibition Authority (IMPA) with information on users with large transactions but had not been required to give any such data to the tax authorities before. Bits of Gold held discussions on possible regulatory measures before reaching the current framework with the tax authorities.

Chief Growth Officer of Bits of Gold, Tomer Niv, has said: “Since we established the company in 2013 and as the largest cryptocurrency broker in Israel, we are working together with the various regulators in order to help formulate the rules for the cryptocurrency industry and to comply with them.”

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