CPA Institute establishes expert committee for digital currencies operation

Committee to propose regulation with three goals: Protect investors; promote fair activity in the market; and optimal utilization of prospects inherent in the Israeli market.

  A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021.  (photo credit: EDGAR SU/ REUTERS)
A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021.
(photo credit: EDGAR SU/ REUTERS)

After repeated unsuccessful attempts to regulate the cryptocurrency market based on encrypted systems (crypto), the Institute of Certified Public Accountants headed by President Chen Schreiber decided to establish a public committee of experts.

"Recent events in the market sharpen the burning need to regulate this field."

Institute of Certified Public Accountants President Chen Schreiber

The committee will be chaired by Ofer Malka, a pioneer in the high-tech industry and former director-general of the Transportation Ministry. 

The committee also includes Adv. Yehuda Sheffer, who served as Deputy State Attorney and Dr. Milly Perry, Blockchain Center of Excellence Chair at the Israeli Chamber of Information Technology.

Other members of the committee are Prof. Adi Eyal, Dr. Rami Sasson, Dr. Ari Ahiez, Dr. Hadar Jabotinsky and CPA Adva Jaguar-Gal. 

Government regulators

Apart from experts from the private financial market, the committee doesn’t have representatives of offices that establish regulations such as the Ministry of Justice, the Ministry of Finance, the Securities Authority or the Bank of Israel.

 Bitcoin cryptocurrency (Illustrative). (credit: PIXABAY) Bitcoin cryptocurrency (Illustrative). (credit: PIXABAY)

The purpose of the committee as formulated by Schreiber is to propose regulations to protect investors, promote fair activity like with other types of investments and make the best use of opportunities inherent in Israel.

The issue of digital currencies is of great interest in the financial system. Despite this, regulators headed by the Bank of Israel, haven’t yet reached formulated guidelines and no instructions have been issued to the banking system. 

Although this is a public committee, its recommendations don’t bind the regulators at the Treasury and the Bank of Israel.

Schreiber told Maariv: "Recent events in the market sharpen the burning need to regulate this field."