Israeli bitcoin trading companies may soon face tougher regulations imposed by the country's financial regulators.
According to Reuters, the head of the Israel Securities Authority (ISA), Shmuel Hauser, said at a business meeting on December 26 that a proposal will be submitted to the ISA committee next week to ban companies primarily engaged in bitcoin trading. Listed on the Tel Aviv Stock Exchange (TASE).
Hauser told Reuters:
"If a company's main business is digital currency, we will not allow such companies to go public. If it is a listed company, then the listed company's transactions will be suspended."
Hauser said that if the proposal is passed, a public hearing will be held and the domestic exchange will have to comply with the new law.
This move can be seen as a follow-up to the ISA's decision to study the first digital token issuance (ICO) at the end of August. At the time, the agency reportedly planned to issue a report of recommendations by the end of December.
This regulatory proposal can also be seen as a response to market trends. After the listed companies restructured with the blockchain and cryptocurrency, they ushered in a surge in stock prices, a trend that has also been reflected in US stock exchanges.
According to Reuters, at least Blockchain Mining (BLCM.TA), a listed company, has risen 5,000 percent in a few months after it announced its switch from mining gold to mining cryptocurrency. However, according to the media report, the company was later renamed Natural Resources on Sunday.
Before Hauser made this comment, the cryptocurrency market experienced violent fluctuations, especially on December 22, when the market experienced the largest single-day correction. The market value of cryptocurrency fell to $418 billion for the first time, a drop of nearly 30% from the record highs created earlier last week. But as of press time, its market value quickly rebounded to more than 500 billion US dollars, reaching 584 billion US dollars.
This article only represents the author's personal opinion, does not represent the position of the blockchain pencil, does not constitute investment advice, the content is for reference only.
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