The Capital Market, Insurance and Saving Authority – one department of the Ministry of Finance (MoF) of Israel – is trying to boost the process speed of obtaining licenses for blockchain and fintech firms in the nation.

Reported by Calcalist on August 19, the Israeli government have formed specialized industry teams, a number of which specifically target blockchain establishments. 

Per the report, the authorities particularly looks to kickstart some healthy competition in the fintech and blockchain field with their initiative. Moshe Barkat – former supervisor for the department in 2018 – shared: 

“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.”

Furthermore, initial studies conducted by the Israeli Securities Authority revealed that at least dozens of firms, are eligible for a work permit in the country, which requires little to none adjustments to their business models.