By Lucas Williams
As the days continue to pass, the cryptocurrency industry is constantly growing more in demand and profits. While the individual investors are looking at cryptocurrencies as a huge investment opportunity, the regulators are seeing them from a different angle.
The regulatory authorities from all over the world are very cautious and vigilant against cryptocurrencies, and the risks they may invoke. With the constant growth of the crypto-verse and their adoption, several concerns are being raised where Money Laundering is among the top priorities.
As the cryptocurrency industry is growing in adoption, criminals, corrupt politicians, and other foul syndicates/organizations have been using it for money laundering.
This is when the regulatory authorities from all over the world are coming up with stricter regulations and rules for the streamlining of cryptocurrencies.
Among these countries aiming to introduce stricter regulations against cryptocurrencies is Israel. The country has recently made an announcement in regards to the adoption of a new policy against cryptocurrencies.
The local reporting agencies have revealed that the Israeli government has recently introduced new policies and regulations surrounding cryptocurrencies. According to analysts and market observers, these regulations have been introduced in order to fight off criminal/illicit activities.
Among all major criminal/illicit activities are terrorism financing and money laundering concerns. However, the new policies introduced by the government of Israel will address all these major concerns and provide a lot of guidance to tackle such matters.
The sources reveal that new regulations surrounding Anti-Money Laundering have been introduced by the government of Israel. These regulations have been introduced and implemented by the Israeli government on Sunday, November 14, 2021.
According to the new AML regulations, the virtual currency service providers (VASP) and fintech companies will be required to acquire an operating license. If the mentioned platforms do not acquire the operating license, they wouldn’t be allowed to operate in the country.
If either of the firms is found breaching the regulations and not adhering to the guidelines, they will be met with strict actions and penalties. The government of Israel can also revoke the operating licenses for firms that are found not fully adhering to the regulatory guidelines. In addition, the firms may also get permanently banned by the government of Israel for non-compliance.
According to local reports, it is the independent financial regulator in Israel that has introduced stricter regulations surrounding anti-money laundering.
The regulators have announced that they will be reviewing the requests of VASPs and other fintech firms that have already submitted their applications for the acquisition of operating licenses.
According to the government officials, they will be able to fight off a lot of criminal activities and put an end to a lot of crime with the help of new regulations.