Israeli Draft Bill Aims To Force Investors To Report Bitcoin Holdings Above K

On Tuesday, a draft law was published by the Ministry of Finance of Israel that would demand investors there to report bitcoin holdings more significant than $61,000 to tax authorities.

According to the proposed bill, the reporting requirement for bitcoin and cryptocurrency holders aims to optimize tax collection. If approved, the bill would mandate that anyone in the country who transacts bitcoin or cryptocurrency will have to report holdings worth $61,000 or more to the authorities.

The bill has reportedly already received opposition from the Israeli Bitcoin Association (IBA) and other bitcoin advocates.

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