Israeli financial regulators forbid listed companies from conducting bitcoin trading

nBankruptcy comment: According to Reuters, the Israel Securities and Administration Authority (ISA) will submit a proposal to the ISA committee next week to ban companies listed on the Tel Aviv Stock Exchange (TASE), which are principally engaged in bitcoin trading. And at the end of August, ISA released a decision to study the ICO, and the current move can be viewed as a follow-up to this decision and a response to current market volatility.n
nTranslation: Clovern
Israeli bitcoin trading companies may soon face tougher rules imposed by the country’s financial regulator.n
According to Reuters, Shmuel Hauser, head of the Israeli Securities Authority (ISA), said at a business conference on December 26 that it will submit a proposal to the ISA committee next week to ban companies that are primarily engaged in bitcoin trading Listed Tel Aviv Stock Exchange (TASE).n
Hauser told Reuters:n
n”If a company’s main business is digital currency, we will not allow such companies listed, if it is already listed company, it will suspend the trading of listed companies.”n
nHauser said that if the bill is passed, a public hearing will be held and the domestic exchange must then comply with the new law.n
This move can be seen as the ISA’s decision in late August to study the follow-up to its first digital token issuance (ICO). At the time, it was alleged that the agency planned to issue a report of recommendations by the end of December.n
The regulatory proposal can also be seen as a response to market trends. Listed companies ushered in soaring stock prices after reorganizing the brands linked to blockchain and cryptocurrency, a trend that has also been reflected in U.S. stock exchanges.n
Reuters reported that at least Blockchain Mining (BLCM.TA), a public company, has risen by as much as 5000% in the months since it announced the move from mined gold to mined cryptocurrencies. However, according to media reports, the company subsequently changed its name to Natural Resources on Sunday.n
Before Hauser made the comment, the cryptocurrency market has undergone dramatic fluctuations, especially on Friday, December 22, when the market experienced the largest one-day callback. For the first time, the market value of cryptocurrencies dropped to 418 billion U.S. dollars, down nearly 30% from its all-time high set earlier in the week. However, as of now, its market value quickly rebounded to more than 500 billion U.S. dollars, reaching 584 billion U.S. dollars.n

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