Bank of Israel: Sets out stablecoin rules

Bank of Israel: Sets out stablecoin rules

• Bank of Israel is examining the issue of activity in digital assets, and their impact on the areas under the Bank’s purview
• In view of recent years’ increasing interest in digital assets and the risks derived from them
• Bank established a committee headed by Deputy Governor Andrew Abir to examine the issue from several perspectives
• Among other things, the Committee worked to formulate a document of principles for regulating stablecoin activity
• A stablecoin is a digital asset that operates on a technological infrastructure and aims to stabilize
• The principles document refers to regulating the activity of stablecoins