The Israeli capital market administration hopes to change the distribution of technology licenses in the country. About 2,000 Fintech and Blockchain enterprises are currently seeking licenses from a government regulator. Due to glut, the Office sets up an accelerated licensing mode. According to Calcalist, a quick tracking program consists of creating small industry-specific management teams reviewing applications.
“Business and technological innovation and the relationship with the industry are the basic principles that guide the Authority in its operations,” said the head of the Authority Dr Moshe Barkat. “The Authority is engaged in the licensing and regulation of fintech companies on a regular basis, including digital insurance companies, P2P platforms and credit providers, digital wallets, Blockchain-based fintech ventures and other payment services providers.”
This initiative is part of the more active efforts of the Israeli Ministry of Finance’s work promoting financial innovation. According to Calcalist, the regulator recently joined the Global Financial Innovation Network (GFIN) and it is worth noting that the World Bank and the International Monetary Fund (IMF) are also its members.