Businesses can spend a maximum of 6,000 shekels (or $1,760) in cash payments, while individuals can spend a maximum of 15,000 shekels (or $4,400), according to a news report.
Bits of Gold, the Tel Aviv exchange with over 50,000 different customers, has said it will comply with the demands of the Israel Tax Authority by referring information on any traders clearing over $50,000 in any 12-month period.
The Israel Tax Authority is reportedly actively seeking out those traders who are engaging in cryptocurrency business, in a bid to demand a fair share of their profits.
Friction mounts in Israel as banks aggressively try to impede cryptocurrency activities despite court orders.
Israel's Tax Authority will consider cryptocurrencies as “a property, not a currency,” which has significant implications for its taxation treatment.
