IN DEPTH: The head of Israel's securities regulator, wants the crypto industry to weigh in on blockchain. Step 1? A hackathon next month. iamsandali interviews Anat Guetta for more.
The Israel Securities Authority has big plans to regulate the country’s fintech space. As a first step, it is hosting itsThe ISA is looking to attract blockchain-based solutions that can improve the infrastructure supporting the securities and sovereign debt markets in Israel with the hackathon.
An economist and banker with decades of experience, Guetta has been serving as the chairwoman of the ISA since 2018. In 2020, Guetta said distributed ledger technology hadCoinDesk spoke to Guetta about the ISA’s plans for the hackathon and Israel’s long-term goals for regulating crypto.CoinDesk: Why is Israel’s securities regulator hosting a blockchain hackathon?in Israel, and the hackathon is part of the activities that it is leading as part of this role.
organization, which is the association for securities regulators worldwide. It’s part of the main committees that are active on blockchain and crypto. My regulatory approach is that because Israel is not the biggest country in the world, because we are a very small and smart country, we don't have to reinvent the wheel each time that regulatory needs come up. I believe that the right way for Israel is what we call the passporting attitude.
We see the statistics. We see that most blockchain companies are not operating in Israel. They prefer to operate outside of Israel. I think that we’re losing them as an economy and as a country. We need very precise and clear laws in order to bring them back here. And we should create the conditions to let them work from Israel in a legitimate and acceptable way. So, our higher mission is to get the right powers in order to enable this.
I read that in January 2021, a company called Kirobo tried to prove that they were issuing a utility coin but theYes, we have some cases where a token was defined as a security by the ISA, but if we have 14,000 different crypto tokens today and the ability to print a new one almost seamlessly, we cannot use the resources that were provided to us to protect investors to analyze each case.
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