Cryptocurrency owners in Israel will be obliged to report to the tax

The Ministry of Finance declared a “war against black capital.” The new law should bring the stateabout $9.2 million in additional revenue.

The proposed bill will oblige all cryptocurrency holders with a portfolio worth 200,000 shekels ($ 61,000) to file reports with the country's tax office. The document states:

Today, citizens are actively usingvirtual currencies. Digital coins can be divided into small pieces, transferred relatively easily and quickly, and are not subject to supervision or inspection. In these conditions, virtual currencies become a convenient tool for tax evasion, money laundering and accumulation of undeclared assets.

The Israeli cryptocurrency community has already expressed dissatisfaction with the new regulatory initiative.

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Based on materialscointelegraph.com