Draft Law on Complete Tax Exemption for Foreigners Owning Digital Assets passed first reading in the Israeli Parliament.
The initiative provides for a reduction in taxes on the sale of crypto options for employees of affiliated companies from 50% to 25%. The document also proposes to use the term “digital currency” separately from “security”.
According to the explanatory note, the upcoming law should increase the attractiveness of the country for foreign investors.
“Until now, employees in the crypto industry have had to pay double the tax on options compared to employees in the traditional high-tech industry. Moreover, foreign residents did not have the same benefits in the blockchain sector as classical investors. This amendment aims to balance the situation and eliminate discrimination in taxation,” said MP Dan Illows.
According to him, the proposal received the support of the coalition government headed by Prime Minister Benjamin Netanyahu.
Earlier, the Bank of Israel published a set of requirements for issuers of “stable coins”. The recommendations suggest a ban on algorithmic stablecoins if they are widely used in payments.
Recall that since December 2021, the Israeli authorities have confiscated 189 accounts on the Binance cryptocurrency exchange, allegedly belonging to the ISIS and Hamas groups.
In June 2023, it became known that the government of the country seized millions of dollars in terrorist-related digital assets.
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2023-07-06 09:27:11
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