Israel Exchange to Report Big Traders to Tax Authority

As reported, local exchange with over 50,000 clients has been convinced to report its bigger traders to the national tax authority
05 July 2018   326

The Tel Aviv exchange Bits of Gold agreed to report large customers to the Israeli tax administration. The company will transfer to the tax department information about all traders whose account movements for the 12-month period are 50 thousand dollars or more. This is reported by Bitcoin.com

Bits of Gold agreed to this step after the Israeli tax department conducted an audit of operations in the office of the exchange in search of information about the largest customers.

The Israeli stock exchanges are already obliged to report large transactions to the Israeli Anti-Money Laundering and Terrorist Financing Authority, but the tax authorities were not able to obtain this data so simply because of laws protecting the privacy of citizens. Moreover, according to the publication of Calcalist, the Israeli tax administration has no legal rights to force companies to report their clients without their consent, which is also supported by several judicial precedents.

In addition, according to Israeli media, this agreement with Bits of Gold is just the beginning, as the Israeli tax department now plans to do so that other local companies and exchanges conclude similar agreements. This is not the first initiative of the Israeli tax administration in the crypto-currency area.

In May, it became known that the regional departments of the tax department sent letters to those who, they assumed, traded cryptocurrency, demanding to talk about all their activities on the crypto market, including the entire history of transactions and current savings.

Zb.com to Open Office at Malta

Country made another step froward to leadership in blockchain industry
16 August 2018   125

Fifth in terms of the daily trading volumee exchange ZB.com announced plans to open a representative office in Malta. This is reported by CCN.

Secretary of the Malta Parliament for Digital Innovation and Finance Silvio Schembri said that the opening of ZB.com will be another step in the country's leadership in the blockchain industry.

At first, the Maltese branch of ZB.com will offer customers only cryptocurrency exchange, and subsequently also plans to add support for the currency. ZB.com will be the third exchange in Malta, following the offices of Binance and Bitbay, which offers the exchange of digital currencies for fiat money.

Malta is perhaps the world’s most progressive and forward-thinking nation in DLT, crypto and fintech, and we are very excited to be part of the Blockchain Island. We are confident we will be able to announce our live operations soon.
 

Jimmy Zhao

Co-founder, ZB.com

Zhao said that he was invited to Malta by his business partners and met with government officials to discuss the possibility of opening a representative office.

According to CoinMarketCap, the volume of deals on ZB.com for the last 24 hours was areoud $ 267M. The most popular trading pairs on the platform are BTC / USDT, Dash / USDT, Qtum / USDT and ETH / USDT.