Israeli Regulator Says Cryptocurrency Is A Security Subject To The Israeli Securities Law
Published date | 02 February 2021 |
Subject Matter | Corporate/Commercial Law, Technology, Corporate and Company Law, Securities, Fin Tech |
Law Firm | Pearl Cohen Zedek Latzer Baratz |
Author | Mr Haim Ravia, Dotan Hammer and Adi Shoval |
The Israeli Securities Authority issued an advance ruling paper, finding that cryptocurrency is a security subject to the Israeli Securities Law. The Authority's position was delivered in an advance ruling request by Kirobo Ltd., a blockchain company that develops and operates a technology that allows users to cancel transactions made in digital currency. The company then charges a commission from the user. The commission may be paid in the same currency as the transaction or in the company's cryptocurrency.
The company sought the Authority's advance ruling that its cryptocurrency is a Utility Token, a term defined in a report issued by the commission for regulating issuance of cryptocurrencies. Utility Tokens are considered a means to allow access rights to a specific product or service and are therefore assets rather than securities. The company argued that because its cryptocurrency is meant to be used only in connection with its services, it ought to be deemed a Utility Token.
The Authority rejected the company's arguments and ruled that the company's cryptocurrency is a security and therefore subject to the Israeli Securities Law. The Authority explained that investors may choose to purchase...
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