Shmuel Hauser: I Will Not Let the Cryptocurrencies to Get Access to the Stock Exchanges

December 25, 2017

Shmuel Hauser: I Will Not Let the Cryptocurrencies to Get Access to the Stock Exchanges

The Israel’s markets regulator is planning to propose amendments into the laws, according to which the cryptocurrency companies will be blocked from accessing the Tel-Aviv Stock Exchange said the Head of the Israel Securities Authority (ISA), Shmuel Hauser, on Monday.

Shmuel Hauser noted that he would bring the proposal next week. If the Office approves it, then public hearing will start, after which the amendments will be brought in the legislation.

"If the company’s main business is cryptocurrencies we will not allow it. If already listed, its trading will be suspended," Hauser said.

He did not designate any definite companies that would become "victims" of the new legislation, but there are at least two companies listed on the Tel Aviv Stock Exchange (TASE), whose main activity is related to cryptocurrencies: Blockchain Mining and Fantasy Network.

Shares of the first one, which on Sunday changed its name from Natural Resources, have soared some 5,000% for the past few months since it has announced a change in its activities from gold mining to cryptocurrency mining.

The second company used to operate in the gaming firm, but a few weeks ago it announced the possibility of operating in the blockchain field, whereupon its share price quadrupled, but then lost 50%.

It is vital to note that Hauser is known for his skeptical attitude towards cryptocurrencies. Earlier he stated that he was not sure that Bitcoin was not a modified binary option, moreover he doubted the reliability of the ICO procedure. Then he mentioned the need to encourage cryptocurrency technology as well as the ICO procedure – first by putting things in order in this area.

"We feel that the prices of Bitcoin are like bubbles and we do not want our investors to be exposed to the negative impact of volatility and uncertainty. It is necessary to give a signal to the market and besides investors should know about our position," Hauser said.

The proposal that cryptocurrency companies should be blocked from accessing the stock exchange of the country is probably to be the last move for Hauser, as he is leaving his post next month after 6 and a half years as an ISA chief. However, he is sure that his work will be continued by his successor, Anat Guetta.

This news was published after the messages that Israel could create its own cryptocurrency to reduce the time of payments as well as to reduce the amount of cash in the economy.

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