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Israel Considers Tax Exemption for Foreign Holders of Digital Assets

6 July 2023
in News, Policy
Reading Time: 3 mins read
106 2
Home News

Israel is considering exempting foreign residents from capital gains taxes on the sale of digital currency in a move designed to attract foreign investors and stimulate the local economy. 

The Israeli Knesset passed an initial reading of a bill on July 5, 2023, which seeks to provide tax advantages to foreign holders of digital assets. The bill proposes reducing the existing 50% tax on employees’ crypto bonuses to 25%.

The bill’s explanatory note highlighted the need to improve Israel’s appeal to global investors, citing the current regulatory environment as a hindrance to the development of the market and the growth potential of Israeli businesses in the digital currency sector. The bill’s primary sponsor, Dan Ilouz, a member of parliament from the Likud party, asserts that the government coalition fully supports the bill.

One significant proposal in the bill is to treat “digital currency” as a distinct entity rather than classifying it as a “security.” However, this has raised concerns within the industry, as the Israeli Securities Authority (ISA) recommended classifying “digital assets” as “securities” earlier in 2023 in its proposed regulatory framework.

The voting result on July 5 indicates strong support for Bitcoin and greater regulatory openness towards cryptocurrencies in Israel. In April 2023, the Bank of Israel hinted at its plans to develop a central bank digital currency (CBDC) called “SHAKED.” While no formal decision has been made regarding the CBDC, this signals the country’s growing interest in digital currencies.

Shira Greenberg, the chief economist in Israel’s Ministry of Finance, has also presented recommendations to address digital asset regulations and promote the widespread use of cryptocurrencies. In a 109-page study submitted in late November 2022, Greenberg advocated for a comprehensive regulatory framework that aligns trading platforms and crypto issuers and grants regulators increased oversight authority.

If the proposed law advances, Israel has the potential to become an appealing destination for foreign investors in the digital currency space and foster a favorable environment for the growth of the industry. It could also consolidate its efforts to position itself as a leading hub for digital asset innovation and investment.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

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