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Israeli authorities turn on Turbo: financial supervision will forgive FinTech licenses fast-tracked

The Israeli financial market authority CMA wants to grant market authorisations for FinTech companies in the fast-track procedure. The authority aims, the compe

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Israeli authorities turn on Turbo: financial supervision will forgive FinTech licenses fast-tracked

The Israeli financial market authority CMA wants to grant market authorisations for FinTech companies in the fast-track procedure. The authority aims, the competition in the country to encourage and promote the industry as a whole. Especially the Israeli crypto industry is still in its infancy.

By David Barkhausen
20. August 2019BTC$10.670,06 -0.21%part Facebook Twitter LinkedIn xing mail

For headlines of Israel's IT sector in this country is rare. Between the United States and East Asia, on the other hand, the country has been mixed, however, long been among the world market leaders in the Software area. The Israeli Tech industry is booming. Although the number of the Blockchain and crypto-businesses in the Middle East these days is low. Interest from the scene is still. Currently, license applications for towers with the relevant authorities. to be able to

To approvals faster in the future grant, the Israeli financial market and insurance supervision, CMA now change your license system and relies on fast-tracked. How the Israeli Tech platform, Calcalist reported, have the authority to take the step on Monday, the 19. August, in an official press release announced.

According to the report, currently, more than 2,000 outstanding licence applications of FinTech and Blockchain - companies should be on the Desk of the CMA. A preliminary examination of the authorities, however, dozens of Start would to hour-ups and companies with the necessary requirements. According to the financial Supervisory authority, this could immediately get their blessing.

Now, specialized Teams to take the Blockchain and FinTech companies individually under the microscope, and thus for a rapid admission to the market worries.

Technological Innovation and the relations with the industry are the basic principles, the [guides our] authorities in their work. [The FTA], a including the regulation and authorisation of the FinTech sector, [ ... ] Peer-to-Peer platforms, digital Wallets, block chain-based FinTech companies, as well as other payment systems,

summarizes CMA-Director Moshe Barakat's Mission and drive its authority.

the future market of FinTech: authority wants to boost to boost competition

As stated in the report, the plans for the emergency procedure, especially the competition within the Israeli FinTech industry. The CMA initiative is in the context of a large-scale effort to attract FinTech companies to the country.

Even after the Ministry of Finance, established already in 2017, for companies with a so-called "Regulatory sandboxing" and that the door had opened, plugged in, especially the tightly regulated Israeli Blockchain and crypto industry is still in its infancy. Voices from the industry complain of the prevailing reservations and skepticism on the part of the banks. According to the Calcalist report, there were many Start-ups in the country is hardly a market.

in order for this To change, has joined the financial Supervisory authority CMA only recently, the Global innovation network GFIN. Together with 30 global regulatory and Supervisory authorities and international organisations, to which belong both the International monetary Fund (IMF) and the world Bank, the authority for industry to share knowledge and promote innovative technology solutions.

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