Israel to start ICO for cryptocurrency trading
Israel is set to start an ICO for cryptocurrencies trading in early 2018, a decision that will raise concerns over a lack of transparency and transparency for the nascent technology.
The central bank, which is already involved in a major ICO for the creation of its digital currency, set up a website to solicit bids for the cryptocurrency-related services, and the country’s first ICO, set for April 15, was due to run from 1 to 7 p.m.
(local time) on Tuesday.
The government has said that the fund will cover the costs of the project and that it will have a minimum of 500,000 digital tokens that will be traded on a first-come, first-serve basis, according to a statement from the central bank.
But with a recent move by the central banking commission to remove a requirement for pre-licensing and registration of ICOs, the central banks stance has been less clear.
The commission also said on Tuesday that a central bank-approved token sale of 10,000 tokens by a private company could be held in 2019, raising questions over whether Israel is ready to proceed with such a venture.
The cryptocurrency industry is growing at a rapid pace and is projected to be worth $1 trillion in 2020, according a recent survey by market research firm Euromonitor.
It is expected to hit $6 trillion by 2021, according the same survey.
Israel has yet to launch a blockchain platform that would allow individuals and companies to participate in such a decentralized trading system, but the central government has signaled its willingness to explore new avenues of investing in the field.
In March, it announced plans to create an agency tasked with creating a regulatory framework to regulate cryptocurrency exchanges and services.
Israel has already launched its first cryptocurrency exchange, Bitfury.
The country has also been the subject of several lawsuits from foreign entities, such as Russian bank Gazprombank, accusing the country of being a haven for illicit activity, and Israeli companies have faced criminal probes in the United States and abroad.
The head of Israel’s National Security Council, Avi Regev, has said the country is “deeply concerned” by a series of cases in the U.S. involving alleged financial crimes related to cryptocurrency, including the arrest of a former deputy prime minister, who was indicted for money laundering.
The Central Bank of Israel, which oversees the central-bank, declined to comment on the government’s plans to launch an ICO.