Officials of the Israeli Ministry of Finance have drafted a draft law on cryptographic money, as part of efforts to prevent money laundering. In the country, with this latest draft, an important step has been taken on the legal arrangements for crypto paralysis.

In the statement made by the Ministry, the following expressions regarding the draft were used:

“Our main goal here is to really be able to control such products. As is known, money laundering is a major problem for states. Some recently developed sectors can be used for this purpose, and for this reason we also want to expand the scope of the law. We can do this by inspecting the institutions that provide these services. ”

While this draft was generally welcomed, Moneynetint CEO Yishai Trif, speaking on the subject , used the following statements:

“Clear steps need to be taken to deal with situations such as money laundering and terrorist financing in order to be able to overcome the legal process of cryptographic money. It is obvious that this area is now chaotic. Some banks do not serve them because the companies are only doing business with crypto money. The arrival of such rules will be crucial for the end of such processes. If banks and other institutions know their legal obligations, the sector will develop even further. ”

Not Bitcoin Act

In March, the Israeli government officials stated that the crypto money was not deeded with the explanations they made, and the ICOs also made regulations. At that time, the following statements were made about the report, the crypto money:

“It is obvious that crypto money is, of course, similar to traditional bonds and bills. However, these products are used for the purpose of purchasing something, and therefore it will not be right to say them. If the purpose is not investment but use, of course crypto money is not a bond. “