In Israel, investment firms will be obliged to report on investments in BTC – Bits Media

Capital Market Department, Israel insurance and savings requires insurance and investment companies to substantiate in detail any investment, Bitcoin related.

According to Calcalist, Israel's regulator pays special attention to investments in cryptocurrency from investment and insurance companies. In a letter, posted last week to institutions, under the control of the management of the capital market, Israeli insurance and savings, The agency called Bitcoin a speculative asset, not having an internal value.

The letter was issued in response to the statement of Silver Castle and the Tel Aviv stock exchange (Level) About that, that the first bonds in the country, tied to BTC, will bargain on TASE UP - trading platform for private companies. According to TASE, New bonds open access to BTC for institutional investors “with a significant decrease in operational risks and costs of storing cryptocurrency products”.

"Capital, bond, will be used exclusively to buy BTC, And the cost of the product will completely depend on the exchange rate of BTC ", - says in the statement TASE.

In the regulator’s letter, special attention was paid to investment related to bitcoin, made by large investment and insurance companies, not the trade in cryptocurrencies in general.

“Clarification - we are not talking about investments in cryptocurrencies in general or in related technologies, which have an economic substantiation and can even improve the market ", - says in a letter of the regulator.

The agency will also require organizations to provide discussions and meetings protocols, at which these investments were discussed, Together with all materials in favor of such decisions. Recall, that this spring the largest Israeli company in the field of asset and insurance management Altshuler Shaham has invested $100 Milln in Grayscale Bitcoin Trust (GBTC). Investments were made at the price of BTC in $21 000.

Israeli regulators gradually tighten the rules regarding cryptocurrencies. At the end of July, the Ministry of Finance of Israel published a bill, obliging investors to inform the tax authorities about the ownership of crypto actures worth $61 000. Besides, Recently, the 27-year-old Israeli citizen Afenta Zard was sentenced to eight years in prison for theft 75 000 Dash worth $6 Milln with his close friend.