The author of the bill is Knesset member Dan Ilouz.. According to him, the bill has the full support of the parties of the ruling coalition. Ilouse believes the bill should make the country more attractive to investors around the world:
“Despite the growth potential of Israeli companies in this area, the regulatory reality in Israel is not adapted to the digital currency industry. That’s why a number of legislative amendments are proposed that would close the regulatory gap,” Ilouse said.
According to Nir Hirshman and Shauli Rejwan, co-founders of the Israeli Cryptocurrency Companies Forum (ICBW3), the bill shows that Israel fully supports cryptocurrency;
“Finance Minister Bezalel Smotrich has energized the sector and issued a clear call to global investors and companies – Israel invites you to do business on our shores,” they said.
Notably, the bill also proposes using the term “digital currency” separately from “security;
In early 2023, the Israel Securities Authority (ISA) proposed to include “digital assets” in the category of “security” in the proposed regulatory framework. The industry has responded to the initiative with deep concern;
Shira Greenberg, chief economist at Israel’s Ministry of Finance, recently proposed updating legislation and expanding the ISA’s authority to better protect crypto investors.