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Israeli Regulator Plans To Speed Up Licenses For Fintech And Blockchain Companies

20 August 2019 10:08, UTC
The Israeli Capital Market Authority (CMA) plans to change the principles of distribution of technology licenses in Israel, according to a report released Monday by the Israeli newspaper Calcalist. About 2,000 enterprises in the fintech and blockchain segments are awaiting licenses from a state regulator who wants to establish an accelerated licensing regime.

The new program consists of creating small specific Authority management teams to quickly review applications. The head of the department, Dr. Moshe BARKAT, noted the following:
“Business and technological innovation and relationship with the industry are the basic principles that guide the Authority in its operations. The Authority is engaged in the licensing and regulation of fintech companies on a regular basis, including digital insurance companies, P2P platforms and credit providers, digital wallets, Blockchain-based fintech ventures and other payment services providers.”
The Authority is also reviewing its current technology insurance standards. This step is part of a plan undertaken by the Israeli Ministry of Finance to promote financial innovation: the regulator has joined the Global Financial Innovation Network (GFIN).

Image courtesy of NoCamels