The Supreme Court of Israel says Leumi Bank cannot block Bits of Gold’s account due to regulatory concerns, setting precedent for other crypto organizations.
Israel is a Middle Eastern country that declared independence in 1948. Israel is a representative democracy with developed political institutions and socio-economic structures. Israel is often considered to be the most advanced country in Middle East in industrial, technological and economic development. The leading exports of Israel are software, machinery, chemicals, textiles and agriculture. Israel is a platform for various blockchain startups. As technology adoption in Israel is fast, a lot of the population is actively using cryptocurrencies to trade, invest in ICOs and purchase goods and services. Considering these aforementioned factors, Israel’s tax authority has issued statements on cryptocurrency regulations. Cryptocurrency is not considered to be under the legal definition of currency and is taxed like a taxable asset. Miners and traders of cryptocurrencies are treated as businesses and are a part of those taxing regulations.
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