Tel Aviv: According to an official statement, Israeli government has imposed new limits on the transfer of digital currency in an effort to prevent money laundering and terror financing. The source said, the additional requirements are part of an ordinance placed on service providers in financial assets such as bonds, loans, stocks, and bank deposits.

The law applies to virtual currency service providers such as credit, fintech, and crypto firms. It entails identifying and verifying customers, reporting their activities, controlling and monitoring hazards, and maintaining records. It also establishes standards for electronic fund transfers both within and outside of Israel, as well as the transfer of financial assets in virtual currencies.

If bitcoin trading is permitted, the new rules will also allow gains from cryptocurrency investments to be transferred to Israeli banks. The ordinance will make it easier for authorities to discern between legitimate and illegitimate uses of virtual currencies, such as money laundering and terror financing, according to the statement. The IMPA and Israel's Capital Market Authority, Insurance and Savings, collaborated on the rules.

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