Business 12 months ago

Jasmine Solana

Israel financial regulator wants to ban Bitcoin from Stock Exchange

Israel’s financial regulator has announced proposals seeking to effectively ban companies dealing in Bitcoin from listing on the Tel Aviv Stock Exchange.

Shmuel Hauser of the Israel Securities Authority made the announcement at a conference early this week, suggesting the proposals would be formally brought forward to the regulator’s board next week.

While the provisions are still subject to approval, involving a public hearing and subsequent amendment of stock exchange regulations, they indicate a clear direction for the regulator in tightening the laws around companies engaging in cryptocurrency business.

There are at least two companies listed on the Tel Aviv Stock Exchange that would be directly affected by these provisions, namely Fantasy Network and Blockchain Mining, with the potential for others to be caught by the proposals.

Addressing the need to find fresh regulation for these companies, Hauser was unequivocal in his stance.

“If we have a company that their main business is digital currencies we would not allow it. If already listed, its trading will be suspended,” he said.

Blockchain Mining changed its name and business focus as recently as last Sunday. Formerly known as Natural Resources, the firm has now pledged to shift its focus from mining for iron and gold to mining for specific cryptocurrencies, in a move that seen its share price soar some 5000%. However, on the news from the regulator, its shares were down 4.2%.

Fantasy Network, formerly specializing in gaming, announced its own further exploration into the blockchain space, causing its own share price to grow by 400%. Similarly, it lost 50% of its value over the last few weeks, with the regulator’s plans no doubt weighing adversely on the price.

Still, Hauser remains undeterred, and confident that the ISA approach is the right one, in terms of protecting investors and offering certainty to companies.

“We feel that the prices of Bitcoin behave like bubbles and we don’t want investors to be subject to that volatility and uncertainty…There is an importance to signal to the market where things are…Investors should know where we stand,” Hauser said.

The proposals are regarded as the last significant move from Hauser, as he prepares to stand down from the ISA next month.

It remains to be seen whether the new regulations will gain the necessary approval to be written into Israeli law.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Is Israel poised to embrace cryptocurrencies? - Bitcoin Geek

[…] everyone is getting behind the future, though. The Tel Aviv Stock Exchange has refused to include companies that deal in cryptocurrencies due to the high degree of volatility […]

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Is Israel poised to embrace cryptocurrencies? - CoinGeek (press release) | Bible Prophecy In The Daily Headlines

[…] everyone is getting behind the future, though. The Tel Aviv Stock Exchange has refused to include companies that deal in cryptocurrencies due to the high degree of volatility […]

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Is Israel poised to embrace cryptocurrencies? – bitcoincurrent

[…] everyone is getting behind the future, though. The Tel Aviv Stock Exchange has refused to include companies that deal in cryptocurrencies due to the high degree of volatility […]

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Is Israel poised to embrace cryptocurrencies? – Digital Coin Owner

[…] everyone is getting behind the future, though. The Tel Aviv Stock Exchange has refused to include companies that deal in cryptocurrencies due to the high degree of volatility […]

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