In terms of technological innovations, Israel is described as the "Startup Nation", which is the result of a $ 5 billion capital increase in ventures. While there are many popular initiatives in Israel, the country is stepping into the crypto money industry this time.
Hapoalim, Israel's largest bank, partnered with Microsoft to build a Blockchain-backed platform in 2017. In February 2018, the Israeli Tax Office (ITA) has accepted cryptographic currencies as property and announced that it will be taxed.
On February 26, 2018, the Israeli Supreme Court froze bank accounts of Leumi Bank's crypto money exchange Bits of Gold in order to block digital money trading. Later, a provisional decree opened the way for facilitating the crypto money trade. The founder of Bits of Yuval Gold Roash said:
"Regulations are one of the most important things for us since the very beginning. We realized that the problem of Bitcoin was anonymity, and after obtaining a license application to establish a currency exchange, we got it in August 2013."
The Tel Aviv district court ruled in favor of Bitcoin's Leumi Bank, which did not want to serve Bits of Gold because of insufficient standards for money laundering. Leumi Bank described crypto money exchanges as web sites that made it particularly easy to play gambling. After reviewing the last five years of Bits of Gold, Judge Baron explained that the assumptions that the crypto money market had violated the law were wrong.
Israel's crypto money-based travel initiative CEO, Italy Nagler;
"Israeli citizens completely destroyed the perception that the current order would not change. We have grown up to believe that there is always a better way to get things done. This is one of the main reasons why this small country is home to many innovative companies and individuals. This is also the answer that Israel is in the first place among the countries that have adopted Blockchain and crypto money. Most of us see this new technology as a great solution for many problems. For this reason, we can easily access quality human resources and financial support. I believe that this has helped us to position ourselves as pioneers and experts in many sectors over the past few years."
It was not prevented that entrepreneurs could initiate their own Blockchain projects, even if they had not had any concrete regulations in the sector before. Bancor was one of the Israeli ICOs who rose to over $ 150 million in a short time. IOTA recently opened an office in Tel Aviv and the city has been one of the most advanced technology centers.
With this positive news, Israel seems to have settled in the Blockchain ecosystem along with the rest of the world.