Latest Updates

November 25, 2024

New memorandum of law regulating the crypto sector in Israel

The Israel Tax Authority and the Ministry of Finance have published a memorandum of law to regulate the digital asset sector in Israel.

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November 12, 2024

EU's New Guidance: Travel Rule to Combat Money Laundering in Crypto

After the Markets in Crypto-Assets Regulation (MiCA) entered into force in June 2024, a significant step took place last July with the publication of the European Banking Authority (EBA) final Travel Rule guidance.

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May 8, 2024

Significant Sanctions: Anti-Money Laundering Obligations in Israel

The Israel Securities Authority is tightening enforcement on companies, especially in the cryptographic assets sector, and is scrutinizing companies’ anti-money laundering procedures and policies and their implementation.

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April 2, 2024

MiCA and Reverse Solicitation

Under MiCA, a critical aspect for non-EU crypto firms is the reverse solicitation exemption. This rule allows firms from outside the EU to offer crypto-asset services to EU clients without needing MiCA authorization.

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January 23, 2024

The SEC Approves ETFs That Track Bitcoin

The SEC approval has aroused considerable excitement, especially among people in the crypto and bitcoin industry. However, these are approvals of specific applications and not across-the-board approvals, and the SEC still considers this an unstable sector requiring investors to remain cautious.

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December 25, 2023

An Interview with Dr. Zvi Gabbay on the SEC’s Approach to Regulating the Crypto Market from a Legal Perspective

As an expert in regulatory affairs, Finance Magnates conducted a two-part interview with Dr. Zvi Gabbay. In the interview, Zvi expressed strong criticism of the U.S. Securities and Exchange Commission's current strategy regarding the cryptocurrency market. This comes in the wake of the SEC's aggressive legal actions against major players such as Coinbase, Kraken, and Binance.

To read Part 1 – The SEC Is Wrong and They're Already Paying for It

To read Part 2 – BlackRock's Venture into the Bitcoin ETF Realm>>

December 5, 2023

Dr. Zvi Gabbay Recognized as Leading Blockchain Lawyer

Zvi is among an exclusive list of lawyers nominated for the Lexology 2024 Client Choice Awards. Zvi is the only Israeli lawyer recognized in the Blockchain field.

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November 16, 2023

SEC Signals Intent to Regulate NFTs

The SEC is taking a regulation by enforcement stance toward NFTs and is creating legal uncertainty in the field. Will the Israel Securities Authority follow suit?

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August 30, 2023

Securities, Digital and Financial Assets: New Definitions

After considering public comments, the Israel Securities Authority is promulgating a revised draft bill seeking to regulate the field of digital assets.

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August 6, 2023

Crypto as a Security – Applying the Howey Test

Regulation by enforcement is designing tests to ascertain which cryptographic assets fall under the definition of “security” in the wake of the XRP crypto token court ruling.

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June 29, 2023

Bitcoin Rises: Dr. Zvi Gabbay Responds to BlackRock’s Extraordinary Move

BlackRock, the world's biggest asset management company, has announced the launch of a bitcoin exchange-traded fund. This has led to Bitcoin hitting a more than one-year high. Dr. Zvi Gabbay, head of the firm’s Capital Markets Department, explains the rationale behind BlackRock's move in an interview with Globes.

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May 8, 2023

Regulating the Israeli Crypto Market – Dr. Zvi Gabbay Article in Calcalist

The Arrangements Law for 2023-2024 makes extensive reference to expanding and creating a regulatory infrastructure in the digital assets field. Specifically, the Israeli government refers to regulation in a number of different areas, including the cryptocurrencies market. Dr. Zvi Gabbay, head of our firm’s Capital Markets Department, elaborates on the subject in an article for Calcalist.

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March 2, 2023

In First, Arrangements Law Includes Extensive Reference to Digital Assets

The draft of Israel’s Arrangements Law – Economic Plan for 2023-2024 addresses digital assets extensively for the first time. The draft bill contains a section dedicated to the regulation of digital assets and addresses stablecoins, taxation issues, the banking system, DAOs (decentralized autonomous organizations) and more.

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February 8, 2023

Digital Assets or Securities?

The Israel Securities Authority recently published a proposal for a series of legislative amendments relating to digital (cryptographic) assets, whose implications go beyond the realm of digital assets and do not herald much good news for Israeli crypto ventures.

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January 8, 2023

2022: A Turbulent Year for the Cryptocurrency Sector

On the one hand, the cryptocurrency industry is still in the throes of the crisis caused by a series of bankruptcies and one of the biggest scandals in the world of finance. On the other hand, transparent and decentralized alternatives to the centralized financial sector demonstrate why they are so important, as well as their ability to function effectively even in times of crisis.

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December 19, 2022

Can DeFi Use Exempt a Project from Compliance?

Activity in the form of financial decentralization (Decentralized Finance - DeFi) does not exempt from requirements in the field of prevention of money laundering prohibition or compliance with sanctions. It turns out that DeFi is subject to the same "laws of gravity" as projects in the traditional financial industry.

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December 14, 2022

FTX’s Collapse and the Golden State Warriors – Dr. Zvi Gabbay Interviewed by Finance Magnates

Following the collapse of FTX, several lawsuits were filed against the NBA’s Golden State Warriors, which had entered into cooperation agreements with the now-defunct crypto company. According to Dr. Zvi Gabbay, the plaintiffs must provide at least preliminary indications that the basketball team was aware of or should have been aware of FTX’s wrongdoing. According to Zvi, he saw no hint of any such indications.

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November 2, 2022

The Courts and the Metaverse – Service of Process through NFTs and Other Innovations

Extensive business activity in the metaverse and in the crypto sector is forcing judicial systems worldwide to evolve. Will the judicial system in Israel follow suit?

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July 20, 2022

Crypto Custody Services and Regulation – A Review

The issue of whether a party is or is not a custodian may have far-reaching implications. Institutional investors, corporations, exchanges, individuals, and crypto miners all have strong demand for crypto custody services, as provided by special market participants.

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June 22, 2022

First US Indictment for NFT Insider Trading Offenses

The indictment (US v. Chastain) marks the first time federal prosecutors have brought charges alleging insider trading with digital assets.

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