Economy

Bank of Israel Draft Eases Crypto-Fund Deposits at Banks

Published

Illustrative 2023 photograph of the Bank of Israel building in Jerusalem

The Bank of Israel's Banking Supervision Department released a draft amendment to Directive 411 that would bar banks from refusing payment services solely because funds originated in virtual-currency activity. It replaces automatic checks tied to deposits above NIS 100,000 a year with transaction-specific risk assessments, including the provider, asset, customer profile, size and complexity. Funds already converted into fiat and routed through regulated bank accounts may no longer require continued crypto-path tracing. Unregulated platforms, anonymity-enhancing coins, mixers and wallets linked to illicit activity would still trigger enhanced checks, and the draft would take effect six months after final publication.

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