Israel Imposes Control Over Traders

July 5, 2018

As local media say, Israeli crypto exchange Bits of Gold with about 50,000 users received obligation to disclose all operations by the largest platform traders to the Israel Tax Authority. The platform is reported to agree on all requirements and will pass data on all users with annual deal volume of $50,000 and more.

Note that all crypto exchanges functioning on the territory of the country already provide information on large transactions to the Israel Money Laundering and Terror Financing Prohibition Authority and until now it hasn’t been passed over to tax agencies in accordance with the country’s law on citizen privacy protection. In addition, earlier the Tax Authority did not have powers to oblige companies to report on all customer actions without sanction or judicial precedent.

As Calcalist publication supposes that next to Bits of Gold the Tax Authority is likely to start regulating other local exchanges.

In addition, in May this year it became public that local offices of the Israel Tax Authority have sent letters to bitcoin traders with demand for detailed description of their crypto activity, namely, all crypto transactions they conducted, trade platforms, wallets they used as well as digital coins if any gained via mining.

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