Israeli industry opposes Netanyahu's cryptocurrency sanctions-evasion proposal, warning it would harm the Web3 ecosystem

After Israeli Prime Minister Benjamin Netanyahu proposed using cryptocurrency to circumvent potential banking sanctions, the Bank of Israel quickly pushed back. Addressable CEO Tomer Sharoni and Orbs CEO Ran Hammer warned that such statements could trigger additional scrutiny of Israeli crypto businesses by overseas exchanges and banks, damaging the reputation of the local Web3 ecosystem.

Sharoni stated that Israel should have the central bank, the Israel Securities Authority, and the Israel Capital Market, Insurance and Savings Authority jointly establish a regulatory sandbox, and create a virtual asset service provider licensing regime compliant with the EU's Markets in Crypto-Assets Regulation (MiCA) and the Financial Action Task Force (FATF) Travel Rule. He also called for resolving the issue of access to banking services. (Bitcoin.com News)