Article Reading Time:
1 min.
The Institute of Chartered Accountants of Israel (ICPAI) has decided to create a public committee of experts on working with cryptocurrencies and regulating the digital asset market.
The Bank of Israel has not yet formulated the principles for regulating the cryptocurrency industry and has not given appropriate instructions to the banking system. Referring to this, the PresidentICPAI Chen Schreiber has decided to create a public committee of experts on the regulation and protection of activities in the cryptocurrency market.
The main goals of the committee's work are to make the best use of Israel's opportunities to offer cryptocurrency market participants rules to protect investors and encourage open and transparent activities.
The proposals of the public committee will be of a recommendatory nature, they will not bemandatory for the regulatory authorities of the Ministry of Finance and the Bank of Israel.
In June, a similar mission was undertaken by
The Nigeria Blockchain Technology Stakeholder Association (SiBAN), which has adopted the Code of Conduct for Virtual Asset Service Providers (VASPs).The VASP Code does not replace laws or regulations, but recommendsapplication of measures to protect personal data, separation of assets of clients and companies, methods for detecting financial crimes and preventing conflicts of interest.
Read this:
Markets news | The volume of transactions of Russians with digital currencies is about $ 5 billion annually - Central Bank
Legislators will propose measures to increase liability for crimes with digital currencies
Sberbank will conduct the first deal with digital currencies
A committee for assistance in the regulation of cryptocurrencies has been created in Russia
Google Cloud has created a division for working with digital assets
French Central Bank Unveils Digital Currency Plans