Israel Adopts New AML Rules For Cryptocurrencies

On Sunday, the Israeli government enacted new anti-money laundering (AML) regulations, requiring local fintech companies and virtual asset service providers (VASP) to obtain an operating license. The country's independent financial regulator is currently in the process of reviewing the various VASPs that have applied for the said license.

Shlomit WAGMAN, director of Israel's Anti-Money Laundering and Terrorist Financing Authority, said the new AML rules would help the country restrict the criminal use of digital assets, as well as provide the industry with more support and legitimacy.

As a reminder, Israel's central bank is experimenting with its own digital currency. As previously reported, the Bank of Israel issued the central bank digital currency through a pilot test of the digital shekel in June 2021.

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