Israeli lawmakers have proposed in a draft new law to treat bitcoin as a currency instead of an asset for tax purposes, local media reported.
Law Enforcement Agencies in Belgium, France and Israel arrest International Crypto Investment Fraudsters who defrauded around € 6 million ($ 6.62 million).
Eliyahu Gigi who is 31 year old Israeli citizen from Tel Aviv (capital of Israel) has been accused of stealing of over $1.7 million worth cryptocurrencies.
The Israeli Supreme Court has announced that Leumi Bank cannot block the Israel-based cryptocurrency exchange Bits of Gold account for regulatory reasons.
Israel court classifies Bitcoin as asset and not a currency. The Lod’s Central District Court rejected the appeal that argued profits made from selling Bitcoins isn’t subject to capital gains.
Israel issues draft of Cryptocurrency tax law, following the decision that cryptocurrencies are assets. The draft also details the taxation obligations of companies that raise money via ICOs.
On October 23, Israeli Knesset has passed the legislation for Binary Options Ban. Three months later, Israeli Binary Options Ban Law takes effect today.
According to the official notice from the Israel tax Authority, Israel will tax cryptocurrencies as property. The reason for this ruling is that a cryptocurrency is a possession belonging to the individual holding it. Thus, a digital currency’s sale is a taxable event, which is subject to capital gains tax.