Israel: cryptocurrencies may not fall under securities law

The Israel Securities Authority (ISA) has said that it would not regard the biggest cryptocurrencies, such as bitcoin, as securities to be regulated under securities law.

The ISA, the committee tasked with examining and regulating initial coin offerings (ICOs), has submitted an interim report to its chair, Anat Guetta, including "recommendations aimed at bolstering certainty and balancing technical innovation against investor protection". The report distinguished between a cryptocurrency used as a means of exchange and a token, which is defined as a "special cryptocurrency conferring rights".

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