Home / CRYPTOCOINS / Israeli Finance Watchdog Seeks to Ban Public Firms from Bitcoin Trading

Israeli Finance Watchdog Seeks to Ban Public Firms from Bitcoin Trading

Bitcoin truck companies in Israel may soon face tighter rules imposed by the mother country’s finance regulator.

According to Reuters, the head of the Israel Securities Officialdom (ISA) Shmuel Hauser said in a business conference on Dec. 26 that a programme will be presented to the ISA board next week, which seeks to ban any troop that has a major involvement in bitcoin trading from the Tel Aviv Pile up Exchange (TASE).

Hauser told the news agency:

“If we have a train [and] their main business is digital currencies, we would not allow it. If already mustered, its trading will be suspended.”

According to Hauser, if the proposal is approved, it resolve go through a public hearing before the domestic exchange is required to submit to the new laws.

Such a move is perhaps seen as a follow-up to the ISA’s decision in modern August to probe into regulatory laws on initial coin oblations (ICOs). At the time, the organization was said to be planning to release a report for endorsements before the end of December.

The regulation proposal may also be seen as a response to the Stock Exchange trend where public companies have seen their selection price spike after rebranding to something related to the blockchain and cryptocurrency – a rage also reflected on the stock exchanges in the U.S.

As identified by Reuters, at least one illustrious company Blockchain Mining (BLCM.TA) has seen a 5,000 percent whitecap of its stock price within months after announcing to shift from mining gold to cryptocurrencies. Anyhow, the company later changed its name Natural Resources on Sunday, according to the announcement outlet.

Hauser’s comment also follows a volatile market for cryptocurrency, markedly, last Friday on Dec. 22, when the market saw perhaps the largest single-day castigation. The cryptocurrency market capitalization first hit as low as $418 billion, nearly 30 percent down from its all-time-high earlier in the end week. But it soon bounced back over $500 billion and reaching $584 billion as of the fourth estate time currently.

Israeli flag via Shutterstock

The leader in blockchain report, CoinDesk is an independent media outlet that strives for the highest journalistic benchmarks and abides by a strict set of editorial policies. Have breaking news or a tall tale tip to send to our journalists? Contact us at [email protected]

Check Also

Crypto Derivatives: A Corner of the Market or the Market Itself?

Emmanuel Goh, CEO of skew.com, looks at the growth of the crypto derivatives market, and …

Leave a Reply

Your email address will not be published. Required fields are marked *