Israel's central bank informed local banks that they may no longer refuse to accept profits generated from cryptocurrency activities.
Israel’s central bank informed local banks that they may no longer refuse to accept profits generated from cryptocurrency activities.
The directive aims to upgrade the rules imposed on cryptocurrency entities and thus manage the banks’ risks when receiving and transferring digital assets. Specifically, the move represents a direct instruction from the Bank of Israel to all local financial institutions that they may no longer refuse to accept profits generated from cryptocurrency operations.
Speaking on some of the issues that might still be present was Ron Tzafrati, VP of Finance and Regulation at the Israeli crypto exchange Bit2C, who said:On the one hand, the Bank of Israel finally recognizes the obligation of banks to perform a risk assessment and management and not to refuse in a sweeping manner the transfer of funds by the Bank’s customers in connection with digital currency activities.
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