Authorities in Israel responsible for licensing fintech startups are looking to speed up the licensing process for at least 2,000 fintech startups, many of which are blockchain based. This, according to reports, is being done by the Israeli Capital Market Authority, to push the sector forward by encouraging as much competition as possible. The agency has now setup several small teams to review applications, achieving them a lot faster.

According to the head of the agency, Dr Moshe Barkat, ingenuity and innovation will be of utmost concern for the Capital Market Authority.

“Business and technological innovation and the relationship with the industry are the basic principles that guide the Authority in its operations. 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 decision by the agency is part of a larger goal by the Israeli government through its Ministry of Finance, to promote and encourage any innovation in the financial sector. As part of its efforts, the Capital Market Authority also recently became a member of the Global Financial Innovation Network (GFIN), an international network seeking to encourage financial advancement. It is however important to note that this development might oppose the general view of the country’s banking and finance sector towards crypto. Cryptocurrency enthusiasts, traders and institutions, have been forced to find financial partnerships outside of the country, due to the largely unfavourable attitude.

Image Credits: Stock Photo Secrets

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