Israel Archives -
Making no mention of the values of equality and democracy, Israel has passed into law a highly controversial bill that serves to define the nature of the state of Israel, with critics slamming it as the “nail in the coffin” of Israeli democracy.
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Israel’s parliament approved a controversial piece of legislation on Thursday that defines the country as the nation-state of the Jewish people but which critics warn sidelines minorities. The government says the bill, which passed the Knesset by a 62-55 vote, will merely enshrine into law Israel’s existing character. Prime Minister…
The Israeli military carried out its largest daytime airstrike campaign in Gaza since the 2014 war Saturday as Hamas militants fired dozens of rockets into Israel, threatening to spark a wider conflagration after weeks of tensions along the volatile border, the AP reports. No casualties or major damage was reported…
Tax agencies around the world keep applying pressure on bitcoin and crypto companies to make their operations transparent to them. The latest example comes from Israel, where a local exchange with over 50,000 clients has been convinced to report its bigger traders to the national tax authority.
Bits of Gold to Report to Tax Authority
Tel Aviv based cryptocurrency exchange Bits of Gold has agreed to report on its ‘heavy’ users to the Israel Tax Authority, according to media reports from the country. The company will pass on information to the tax authority on anyone who traders a total of $ 50,000 or more over a twelve-month period. It agreed to this after the authority carried out an onsite inspection of its operations at the exchange’s offices, targeting information on its bigger clients.
Exchanges operating in the country already have to report big trades to the Israel Money Laundering and Terror Financing Prohibition Authority, but that information doesn’t get to the tax authority easily as there are laws in place to prevent this to protect citizens’ privacy. Moreover, the Israel Tax Authority does not have the legal right to compel companies to report on their clients without their agreement and court precedents back this up, according to local newspaper Calcalist.
Putting the Squeeze on More Investors
Furthermore, according to the reports, this agreement with Bits of Gold is a sign of things to come as the Israeli tax authority now plans to approach more local companies and exchanges trying to reach similar arrangements. And this is just the latest initiative by the Israel Tax Authority in the crypto field.
Back in May it was reported that regional branches have sent out letters to those they suspect are trading bitcoin, demanding that the recipients divulge all of their involvement in the cryptocurrency market including all past transaction history and current holdings. People were being asked to list all exchange accounts and wallets they ever had and report their trade earnings. Additionally, the agency demands that people will reveal if they are engaged in mining.
Should crypto exchanges agree to report on their clients if they are not compelled by law? Share your thoughts in the comments section below.
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Sara Netanyahu, the wife of Israeli Prime Minister Benjamin Netanyahu, has been charged with fraud over misuse of public funds on Thursday.
The Palestinians and their supporters are asking an emergency meeting of the U.N. General Assembly on Wednesday to adopt a resolution deploring what it calls Israel’s “excessive use of force,” particularly in Gaza.
Palestinian militants bombarded southern Israel with dozens of rockets and mortar shells Tuesday, while Israeli warplanes struck targets throughout the Gaza Strip in the largest flare-up of violence between the sides since a 2014 war. The Israeli military said most of the projectiles were intercepted, but three soldiers were wounded,…
Thousands of Palestinians gathered Tuesday for the grim task of burying the 60 protesters killed by Israeli troops at the Gaza border, as Israel faced international condemnation over the deaths.
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The death toll from what Israel’s critics are calling a massacre of unarmed protesters in Gaza hit 59 overnight with the death of a baby from tear gas inhalation, according to Palestinian authorities. The Palestinian Health Authority in Gaza says seven children under 18 were among the dozens of people…