Israeli Industry Opposes Netanyahu's Proposal to Use Cryptocurrency to Evade Sanctions

Israeli Prime Minister Benjamin Netanyahu's proposal to use cryptocurrency to evade potential banking sanctions has faced opposition from the Bank of Israel. Tomer Sharoni, CEO of Addressable, and Ran Hammer, CEO of Orbs, warned that such proposals could lead to increased scrutiny of Israeli cryptocurrency businesses by overseas exchanges and banks, damaging the local Web3 ecosystem's reputation. Sharoni suggested that Israel should establish a regulatory sandbox jointly with the central bank, the Israel Securities Authority, and the Capital Markets Authority, and create a licensing system for virtual asset service providers that complies with the EU's Markets in Crypto-Assets Regulation (MiCA) and the Financial Action Task Force (FATF) travel rules, while also calling for solutions to banking service access issues.

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