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.