Israel Securities Authority (IAS) has said through its chairman Prof. Shmuel Hauser that Bitcoin was a bubble but at the same time asks Israeli authorities to take a friendly regulatory approach to ICOs.
The news comes after his September statement that the commission was worried about cryptocurrencies’ bubbles. Although they regarded blockchain as a legit technology that would “cut costs and conquer the world”.
At Calcalist Fintech conference on November 8, Hauser says,
“We ensure that world of cryptocurrencies does not turn into a mutation of the binary options industry. Thus that it does not become a haven for scammers”.
A commission also set up by ISA is yet to give its recommendations in December. However, it is on whether ICOs are a legitimate way of raising capital by companies.
In October, Traffic Lords, an affiliate marketing company, held a meeting attended by representatives from cryptocurrency and blockchain companies. Such as CoinTree Capital and Singulariteam Technology Group BlockchainIL. Since that sought to enlighten and encourage people to consider ICO investments and other opportunities.
During the meeting, BlockchainIL’s Sefi Golan said he was confident the regulators would take the right steps to support the industry while protecting investors from fraud. He told the audience that they needed to know that countries treat cryptocurrencies as an opportunity and that it was real business and they were willing to protect investors.
Meanwhile, Bitcoin adopters in Israel are now seeing capital gains tax levies after Israel Tax Authority classified digital currencies as intangible assets. The rate of taxation starts at 25 percent.