Reformed AML Rules Adopted by Israel Authorities for Crypto

Reformed AML Rules Adopted by Israel Authorities for Crypto

Reports made by various media outlets have outlined a development in the Israeli-based crypto industry where all crypto assets will fall from now on under anti-money laundering regulations. One of the most read articles was published by the Jerusalem Post, and it highlights the effort of Israel’s Authority for Combating Terror Financing and Money Laundering has increased in order to combat rising money laundering cases based on crypto assets.

The authority is reported to monitor mainly Bitcoin assets, Ethereum coins, financial technology firms, and further financial products of importance. The Director of the Authority – Shlomit Wegman – asserts that these new rules and regulations will ensure more safety and security for all.

Israel is currently a global crypto nation and is on an increasing spike. The rising popularity of crypto adoption is causing authorities to take more severe action against scams and frauds, as well as money laundering practices.

The rise of crypto-based crimes is in tandem with its popularity. Many European and Asian nations have already introduced reformed and more severe AML and KYC policies to counter the scammer trends.

The Israeli authorities and many other nations have moved to integrate the so-called standards set by the Financial Action Task Force (FATF), with hopes of increasing the safety of crypto users.

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