Tel Aviv, Nov 15, : , Israel has introduced new rules for the transfer of digital currencies in an attempt to combat money laundering, terror financing, and other financial crimes, according to an official statement. The new obligations are included in an ordinance imposed on service providers in financial assets, such as bonds, loans, stocks and bank deposits, reports Xinhua news agency.
According to Xinhua news agency, the new obligations were included in an ordinance that was imposed on service providers of financial assets such as bank deposits, loans, bonds, and stocks.
The ordinance applies to providers such as credit, fintech and crypto companies that operate with virtual currencies.
This ordinance applies to all providers, including crypto companies, fintech, credit and fintech that deal with virtual currencies.
It includes obligations to identify and verify customers, report their activity, control and monitor risks, and manage records.
It also includes the obligation to verify and identify customers, report their activities, manage records, and control and monitor risk.
It also imposes rules on electronic transfer of funds in Israel and abroad, and the transfer of financial assets in virtual currencies.
It also includes rules for electronic transfers of funds between Israel and abroad and for the transfer of financial assets using virtual currencies.
The new rules will as well allow the transfer of profits from cryptocurrency investments to Israeli banks if trading in these currencies is legal.
If cryptocurrency trading is legal, the new rules will allow for the transfer of profits made from investments in cryptocurrency to Israeli banks.
The ordinance will allow the use of virtual currencies more securely and will let the authorities distinguish between legitimate use and illegitimate purposes, such as money laundering or terror financing, the statement said.
According to the statement, the ordinance will make virtual currencies easier to use and allow authorities to distinguish legitimate and illegal uses, such as money laundering and terror financing.
The rules were jointly formulated by the IMPA and Israel’s Capital Market Authority, Insurance and Savings.
These rules were jointly developed by the IMPA and Israel’s Capital Market Authority, Insurance and Savings.
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