Israel takes measures against crypto-based money laundering

Posted 29 May, 2018

Israel authorities will reportedly put into force the first regulation for financial service providers and determination of the measures against money laundering via cryptos.

With the new document signed by the Finance Minister of the country, all cryptocurrencies are considered as financial assets.

As a result, the new ruling, once it comes into force beginning from June 1, will force all brokers, banks, crypto platforms and other crypto market players to follow AML/KYC standards. This means that they will have to inform about any suspicious deals with digital assets, including XMR and ZEC transactions.

According to the draft legislation, the service providers will also have to keep all transaction records (e-wallets addresses, IP-addresses and the volume of every cryptocurrency) for 5 years. Earlier, local banking institutions refused from accepting money generated from crypto transactions, as there was no clear regulation in the country.

As commented representative of Israel's bitcoin association, along with the normative guarantee, this law may clarify the permitted and prohibited activities.

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29 May, 2018 14:50

← 11 countries no longer can trade on Bithumb

Bithumb has closed its doors for a number of traders worldwide, as the exchange followed the requirements under the anti-money laundering law. The platform has become unavailable for 11 countries running low-effective policy against the money laundering and terrorist funding. The list includes North Korea, Iraq, Iran, Ethiopia, Bosnia and Herzegovina, Syria, Sri-Lanka, Tunisia, Trinidad and Tobago, Yemen and Vanuatu.

11 countries no longer can trade on Bithumb

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29 May, 2018 12:20

Alabama's regulator outlaws three ICO-projects →

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Alabama's regulator outlaws three ICO-projects
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