Israel Allows Users to Transfer Crypto Profits to Banks

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The Bank of Israel has allowed the country’s citizens to transfer the profits received from legal operations with cryptos to financial organizations.

The central bank of the country has sent a directive to local banks indicating they can accept money from individuals generated from the sale of digital assets. However, before deciphering the means, the commercial companies should find out about the origin of the funds.

According to the directive:

“On the one hand, the Bank of Israel has undertaken the obligation of the banks to evaluate and manage the risks, and also not to return all clients in fulfilling the necessary. On the other hand, the instantiation has left behind the banks the right to deactivate requests for the supply of media, even in those cases when the washout routine has been canceled.”

It is worth mentioning that the Israeli government will continue to strengthen its control over the crypto industry. In November, all organizations dealing with virtual currencies were asked to regularly submit financial reports.