Category Archives: Bitcoin Asset

Auto Added by WPeMatico

Israel Supreme Court Rules in Favor of Crypto Exchange vs Bank

Israel Supreme Court Rules in Favor of Crypto Exchange vs Bank

The Supreme Court in Israel has ruled that local cryptocurrency exchange Bits of Gold was in the right in a legal battle between the company and an Israeli bank over the rights to maintain access to banking services.

As reported by CoinDesk, the decision that arrived yesterday resulted in an order for Bank Leumi to resume access of its services to Bits of Gold. Earlier, the bank had barred the accounts of the exchange, deeming crypto-related businesses as gambling companies.

A few months ago in February, the Supreme Court had made a temporary injunction, so the firm was in fact still able to use the bank’s services since then, although now this legal victory will mean that it can operate freely and permanently.

Bits of Gold CEO Yuval Roash welcomed the decision and called it an “exciting moment” for the exchange:

“We worked hard to set up a company, which met regulatory requirements, in a new industry, and those efforts paid off. I am proud to be a part of this flourishing industry and push it towards the right regulation”.

This event will be seen as a watershed moment in Israel for the recognition of cryptocurrency enterprise. Just last week, the Middle Eastern nation had declared that Bitcoin and other crypto were assets, and not currency.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Israel Supreme Court Rules in Favor of Crypto Exchange vs Bank appeared first on BitcoinNews.com.

Israel Rules Bitcoin as Asset, Not Currency

The state of Israel is now the latest country to clarify the status of Bitcoin, with the nation’s highest court now ruling that the world’s foremost cryptocurrency is in fact, an asset and not a currency.

This does signal the acceptance and adoption of Bitcoin as a mainstream digital store of value, but not so much as a form of payment, just on the back of the Israel central bank passing down the same decision. In his ruling, Judge Shmuel Bornstein stressed that the legal entity had chosen to use the same interpretation, declaring that:

“The Central District Court in Lod accepted the tax authority’s interpretation, and held that Bitcoin is an asset and not a currency, and that the transaction in question is therefore taxable.”

While the immediate practical meaning of this ruling simply means that Bitcoin would be taxable in the country, some local commentators, such as Itay Bracha, Managing Partner at Israeli legal firm Bracha and Co. Bracha saw this declaration as a warning:

“The ruling is a signal to all those who have yet to report cryptocurrency-related profits or based their actions on differing legal advice… The ruling is unequivocal, and since it is not new legalization but a judicial interpretation, it applies retroactively.”

Back in March, the Israel Securities Authority (ISA) had recommended its latest findings on a draft regulatory framework for the cryptocurrency industry.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Israel Rules Bitcoin as Asset, Not Currency appeared first on BitcoinNews.com.