Israel targeting to be a hub for Initial coin offerings
Head of Israel securities authority, Shmuel Hauser said in an Interview recently that Israel is looking at the explosion of crypto currencies as an opportunity for Israel to develop an International Financial Center for Initial Coin offerings.
Israel has always been a hub for latest technology, if we take a look at the most successful startups in the world, Israeli entrepreneurs holds a significant position in that and country has always been open to welcome new technologies and innovative products.
If we talk about financial sector then this country is way ahead of many others in the world in terms of financial innovations, either in the form of payment methods like payoneer, or Forex and binary option brokers like Plus500 and many other companies.
Shmuel Hauser on Crypto market and ICO’s
What’s needed is sympathetic “and even daring” regulations to help foster digital sales, Shmuel Hauser, the head of Securities Authority, said Monday at a conference near Tel Aviv. Even so, the new market is so explosive that Israel must set controls, he said. “The quest for investments in bitcoin reminds me of the 19th century gold rush.”
While blockchain is a legitimate technology that should be adopted to cut costs to investors, bitcoin is a means of digital payment that appears to have “gotten out of control,” said Hauser, who will be leaving the post early next year. His speech was sent to journalists by email.
Israel has yet to set a cohesive policy for cryptocurrencies. The Israel Tax Authority has deemed bitcoin a taxable financial asset, and the central bank has warned the public about risks associated with investing the commodity.
There’s still a long way for Israel to reach the title
Israel is still a long way behind countries like Japan and Korea in terms of regulation and adaptation of Crypto currencies like Bitcoin, but if Israel manage to create a road map for the market, there is no doubt about that fact that Israel can go a long way as far as crypto market is concern.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share