Israel’s Capital Market, Insurance and Savings Authority wants to expedite the licensing process for blockchain and other fintech firms, according to a report from Israeli business outlet Calcalist. The Authority reportedly hopes to facilitate greater competitiveness and innovation in the sector.
The report notes that there are some 2,000 business enterprises waiting for their applications to be approved. The Authority has assembled “dedicated industry teams” to help evaluate those applications to hasten the approval process. Apparently, some of those teams have been designated to focus on blockchain technology, while others are reviewing non-blockchain fintech enterprises.
The Israel Securities Authority has already concluded that there are dozens of firms that could obtain approval to operate in Israel “with minor changes to their business model and technology.” Capital Market Authority head Dr. Moshe Barkat described the agency’s role in regulating fintech, and why it’s important for Israel’s position in the world economy:
“Business and technological innovation and the 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 [Insurtech], P2P platforms and credit providers, digital wallets, Blockchain-based Fintech ventures, and other payment services providers. The activities of the PA in the international arena in the field of Fintech strengthen Israel’s position as a world leader in this area.”