Israel fights digital asset anonymity
Sunny Israel is a wonderful country, with its own advantages and disadvantages, peculiarities and characteristics. One of the latest, literally today, was information that all owners of digital assets in the country will be forced to disclose the details of their own accounts. According to information from the State Tax Service, Israel is interested in detailed statistics, thorough reports of each owner of cryptocurrencies. Is it worth selling cryptocurrency if you are an Israeli citizen? Or is it worth accepting the current situation and boldly working in new conditions? Let’s figure it out.
First – theory, and only then – practical recommendations. To begin with, let’s clarify that Israel previously spoke ambiguously about the Blockchain and the crypto industry in general. According to the government and controlled structures, digital assets can and are used to destroy the state integrity of the country. Experts believe that individual traders support hostile Palestinian groups. It is with the help of cryptocurrency. Most likely, the fear for the preservation of the state border is the main reason why the representatives of the country begin such active suppression of the Blockchain. However, the official reason for the increased interest in digital assets is their commercial success. It is likely that the counterterrorism theory is just a theory. Indeed, it is possible that Israel is afraid of tax shelter for cryptocurrency. On this basis, employees of the relevant services are starting a new program to oppress digital assets.
It is known for certain that the Israeli Tax Service is behind the introduction of the new restrictions. The names of this structure have today alerted dozens of Israeli traders to the need to disclose the details of personal digital accounts. Moreover, the corresponding requests were received not only by individuals. But also by entire organizations. Among the latter are many cryptocurrency exchanges and coin exchange services. It is not yet known whether the decree applies to foreign organizations, or whether the policy applies exclusively to local structures. However, the fact remains – confidentiality has been hit hard. How to work now? What to do in this situation? More on this later.
How will Israel affect the ability to work comfortably?
In fact, the adopted changes in relation to cryptocurrencies are not as significant as they seem. Yes, of course, the loss of anonymity and a sense of information security is always bad. But nothing more. It is obvious that it is banal for Israel to create a bottleneck out of the cryptoindustry, completely forbidding traders to normally interact with digital assets. If you conduct honest work within the state, pay taxes regularly and do not have anything criminal in your account, you have nothing to fear. For those who avoid paying state fees or dishonestly earn digital assets, we recommend getting ready for total checks as soon as possible. It is likely that trained professionals will be interested in those users who do not disclose the details of the invoices. The possibility of blocking. The beginning of legal proceedings is not excluded.
That is why once again we advise you to work only in an honest manner. But at the same time to take a responsible approach to respecting your own rights. Remember that only government agencies can request data about your digital transactions. Be careful and follow all the crypto industry news with us. We publish only high-quality and interesting material. Thanks for attention. Good luck!