Israel
IsraelA 2016 licensing law that took years to bite: Israel had 9 licensed crypto firms by mid-2026 and a shekel stablecoin bill on the table.
Licences
What it takes to operate in Israel: 2 licences, who issues each, what it covers and who holds one.
Financial asset service licence
CMA · Supervision of Financial Services (Regulated Financial Services) Law, 2016; CMA circulars
Exchanging one financial asset (including virtual currency) for another or for money, and managing or safeguarding financial assets for clients in Israel.
What it takes
- Fit and proper controllers and officers, with the CMA vetting ownership and means of control
- Minimum equity of NIS 2 million, or NIS 2.5 million with custody, plus 0.25% of client assets held (2026 rules)
- From January 2027, client assets held in trust in segregated accounts, with multi-party approval of transfers and a register updated at least daily (Circular 2026-10-2)
- A custody officer, a board-approved custody policy and quarterly checks by an independent accountant of segregation and reconciliation
- Customer identification, reporting and record-keeping under the 2021 AML order
Holders include
Bits of Gold- HBHybrid Bridge Holdings
Tectona
Coinbox
Stable digital currency issuer licence (proposed)
CMA · Draft Supervision of Financial Services (Issuance of Stable Digital Currencies) Law, 2026
Issuing and redeeming fiat-referenced stablecoins in Israel; the bill was published for comment in June 2026 and is not yet law.
What it takes
- Licence required to issue stable digital currencies
- Controls on who may hold means of control in an issuer
- Fitness requirements for directors and key office holders
- Restrictions and duties on issuer activity modelled on the US GENIUS Act and EU MiCA
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