Bits of Gold – local Israeli cryptocurrency exchange – has agreed to pass on information to the country’s Tax Authorities on deposits and trading activity.

Israel Tightens the Knot

In what seems to be a step towards tightening up the cryptocurrency trading environment in Israel, the local Tax Authorities have reached an agreement with a local digital exchange Bits of Gold. As reported by local tech-related media outlet Calcalist, the cryptocurrency exchange has agreed to pass on information concerning larger deposits.

Supposedly, the purpose behind the agreement is to prevent acts of tax evasion and money laundering. Apparently, the anonymized and encrypted nature of cryptocurrencies intimidates the regulatory bodies of the country.  Read more...