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Transcript:

0:00:00 Israel Supreme Court Rules in Favor of Crypto Exchange vs Bank

0:00:05 This update is brought to you by “CoinCheckup News Updates” and was originally published on “BitcoinNews.com”.

0:00:11 The Supreme Court in Israel has ruled that local cryptocurrency exchange Bits of Gold was in the right in a legal battle between the company and an Israeli bank over the rights to maintain access to banking services.

0:00:22 As reported by CoinDesk, the decision that arrived yesterday resulted in an order for Bank Leumi to resume access of its services to Bits of Gold.

0:00:31 Earlier, the bank had barred the accounts of the exchange, deeming crypto-related businesses as gambling companies.

0:00:37 A few months ago in February, the Supreme Court had made a temporary injunction, so the firm was in fact still able to use the bank’s services since then, although now this legal victory will mean that it can operate freely and permanently.

0:00:49 “We worked hard to set up a company, which met regulatory requirements, in a new industry, and those efforts paid off.

0:00:56 I am proud to be a part of this flourishing industry and push it towards the right regulation”.

0:01:01 This event will be seen as a watershed moment in Israel for the recognition of cryptocurrency enterprise.

0:01:07 Just last week, the Middle Eastern nation had declared that Bitcoin and other crypto were assets, and not currency.

0:01:14 Thanks for watching this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: “BitcoinNews.com”, who originally published this news update on their website.

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#Cryptocurrency industry to prepare for international regulatory standards. According to the portal #Coindesk: “The cryptocurrency industry is bracing for forthcoming international regulatory standards that would require exchanges to collect and share information about where and to whom they are sending money. This would go beyond the basic “know your customer” (KYC) rules that bedevil many crypto users. In addition to verifying and keeping records of their own users’ identities, exchanges and other service providers would have to pass customer information to each other when transferring funds, just as banks are required to do. This is known in the U.S. as the “travel rule”. Details on coindesk.com. The news release partner STEX.com.
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Info: https://www.coindesk.com/beyond-kyc-global-regulators-appear-set-to-adopt-tough-new-rules-for-crypto-exchanges

Beyond the functional requirements of Faster Payments, there are legal requirements to fairly and equitably allocate the risks among the various parties. Having quality agreements (Rules) in place prior to the development of disputes between parties can minimize and hasten resolution and avoid more expensive alternatives. Developing those rules through transparent, consensus processes requires different skills than developing functioning payments.
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• G.1 Effective governance
• G.2 Inclusive governance

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