The tech sector of Israel is now heading towards crypto industry and also undergoing a severe talent hunt. Recently, Internet Industry has found a new way to attract to tech-savvy staff environment is by asking to pay salaries in Bitcoin. Such that the Israeli authorities have to permit the offer.
Spot.Im, the Internet Company seeks for Bitcoin Salaries
The Internet Company, Spot.Im with offices in Tel Aviv had a recent discussion with the Israel Securities Authority (ISA). The meeting was primarily about exchange rates and expecting that the sides will reach some agreements by next month. However, the firm had planned that employees wish to accept his/her paycheck in Bitcoin so that the company resolves the high-cost conversion fees.
Since Spot.lm is not a part of cryptocurrency world but established under internet industry. It lists the big names like NBC, Engadget, Time Magazine, Huffington Post and Fox News. Since 2012 its establishment, the firm has raised about $38 million and new achieves in November 2017 around $25 million in Series C funding from Roman Abramovich and other venture capitals.
Head of Spot.IM’s operations, Ido Goldberg said;
“As ones who deal with some of the most advanced technologies every day, we are great believers in the future of cryptographic currencies. Still, currencies are built on trust, and to create such trust companies, organizations and institutions. It will have to recognize cryptographic currencies as legitimate”.
Moreover, the Israeli government does not consider bitcoin as an asset or a security. Likewise, the system will not put up anything for controlling salaries or the firm. However, it would interrupt law not approaching the regulators for permission. However, the main intention is to avoid the upcoming complications with banking process to get approval seal from the state commissioners.
Recently, the Israeli authorities are looking forward a new necessity to establish strict regulations on crypto industries. However, due to a sudden drop in bitcoin value at the beginning of 2018 has resulted to regulators questioning crypto industries in Israel. Since it is a major drawback for bitcoin and the country that many companies’ wants to invest in cryptocurrencies. Meanwhile, the government of Israel had halted the crypto trading, stated Shmuel Hauser, the head of the Israel Securities Authority.
“A lot of companies want to jump on the cryptocurrency bandwagon. Companies have renamed their businesses to add “blockchain” to their names to inflate their stock prices. Regulators are concerned that stockbrokers will use these tactics to lure in potential investors for companies that are not bitcoin or blockchain-related”.