Some countries are starting to regulate cryptocurrencies and everything around them. At the same time, other countries like Israel have taken the decision to open doors for cryptocurrency developments. The Israel Securities Authority (ISA) has expressed its opinion about creating an international financial centre based on ICOs.
ICO Hub in Israel
Israel is known as the ‘Startup Nation’ and in the country there are more than 5,000 high-tech startups operating at the moment. The majority of them fail to have a further development due to several internal regulations. With new ICOs starting to spread in the country, these startups will have an extra impulse with the financial benefits that ICOs bring.
During the ‘Startup Nation to Crypto Nation’ event held in Tel Aviv, Guy Benartzi said that in 2018 Israel will host more than 1,000 ICOs. In the last year, ICOs have exploded. They have raised this year more than $3 billion dollars. The next year is expected to keep growing at a higher rate.
“I believe that the topic of digital currencies and their offerings must receive a favourable regulatory response, maybe even daring somewhat, to give a chance for the option to develop an international financial centre for security-coin from the typo of ICOs,” told Prof. Shmuel Hauser.
While some weeks ago, there were some rumours that ICOs could suffer from a ban, now we know that the country wants to allow them.
But being open to ICOs does not mean that they will be able to do what they want. The Israeli government will closely look at ICOs activities and take further steps to avoid negative consequences to the society.
“The team is meant to file its report by the end of December. We will have to define for ourselves and the market what is this beast. Among other thins, we will ned to consider expanding the supervision on security-coin and define a proper regulatory framework, different from the one we know for IPOs,” Mr Shmuel Hauser finished.