Israeli regulator: It is important to make sure that cryptocurrencies are not a mutation of the binary options industry
Shmuel Hauser, Chairman of the Israel Securities Market Authority (ISA), named a number of problematic issues in the field of cryptocurrencies and initial coin offering (ICO), causing concern of the regulator. Writes about this Finance Magnates.
Hauser began his speech by dividing the line between blockchain and the cryptocurrency industry. In his opinion, “blockchain technology will come into use” in financial and other areas. However, he is more cautious about cryptocurrencies..
“This is a completely different game that blows a bubble. Who Said Bitcoin Worth $ 7000? ” Hauser asked. “I want to make sure the world of cryptocurrencies is not a new mutation of the binary options industry.”.
He also noted that ISA intends to monitor the ICO industry and impose certain requirements on cryptocurrency startups, which will depend on the conditions of a particular campaign. Thus, ICOs whose tokens will be recognized as securities will be regulated by ISA. Other campaigns will be subject to corporate law requirements.
At the same time, Israel is not going to completely ban the popular method of financing.
In September, ISA formed a working group whose task was to determine the need for ICO regulation in Israel. The results of the study are expected to be presented before the end of this year, but Hauser’s latest statement suggests that ISA has already reached some conclusions on this issue..
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