Shira Greenberg is an Economist at the Ministry of Finance, Israel. On November 28, she submitted a 109-page report to the supervising minister. The document focuses on the regulation of cryptos in the country. Discover the essential content of the Greenberg report.
Greenberg calls for a more comprehensive regulatory framework in Israel
Economist Shira Greenberg recommended the government of Israel to put in place comprehensive regulation of the crypto market. To this end, she made a whole series of suggestions that could serve as a basis for the government to properly regulate the industry. According to her, the crypto sector should be regulated in a way that encourages its adoption without skimping on security.
She also believes that the supervisor of financial service providers should have more power to better monitor crypto businesses. Shira Greenberg added that the same should be true for the Israel Securities Authority. She has Explain that by expanding the powers of regulators, they can more easily oversee licensing rules.
Regulators can also put in place an appropriate fiscal framework regarding the exchange of digital assets. They will be better able to determine which digital assets fall within the scope of Israeli securities laws. Greenberg’s recommendations mainly concern crypto exchanges and companies issuing them.
Rules focused on improving investor security
The economist wants the Israeli government to ensure enhance user security and protection investing in cryptos. To do this, she recommends that regulators impose very strict licensing requirements on crypto exchanges and issuers. It also proposes that the management of funds from cryptos be done in a more secure way.
In addition, Greenberg proposes the establishment of precise rules concerning the issuers of stablecoins. The latter will govern the way in which the authorization and supervision of these issuers will be carried out. Greenberg also proposes that the government of Israel create an interministerial committee. This will deal with the review and regulation of Decentralized Autonomous Organizations (DAOs).
According to Finance Minister Avigdor Lieberman, Greenberg’s report is “the most comprehensive and up-to-date currently availableon the issue of crypto regulations, for government use in Israel. Lieberman would like the documentserves as a basis for future decisions and legislationabout cryptos.
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