Israeli Regulator to Fast Track 2,000 Fintech License Applications

Over 2,000 fintech and blockchain-businesses are currently seeking licenses from the federal regulator

AccessTimeIconAug 19, 2019 at 8:30 p.m. UTC
Updated Sep 13, 2021 at 11:21 a.m. UTC

Israel’s Fintech regulator is rearranging its licensing regime to encourage competition in the field.

The Israeli Capital Market Authority is looking to change how fintech licenses are distributed in Israel according to a Monday announcement reported by Israeli daily newspaper Calcalist. Some 2,000 fintech and blockchain-businesses are currently seeking licenses from the state regulator. Due to the glut, the Authority is setting up a licensing fast track. 

Per Calcalist, the fast-tracking program consists of creating small industry specific Authority 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.”

The Authority is also reviewing its current standards concerning fintech insurance. 

The Authority's move is part of a greater effort by the Israeli Ministry of Finance’s work promoting financial innovation. The regulator recently joined the Global Financial Innovation Network (GFIN), says Calcalist. The World Bank and International Monetary Authority (IMF) are also members.

The finance ministry's fintech and blockchain efforts are contradicted by banking regulations in the country. Early August conversations between CoinDesk and Israeli blockchain and cryptocurrency heads revealed largely held anti-crypto sentiment across the banking sector. All cryptocurrency traders and most fintech firms dealing with cryptocurrencies have to seek banking solutions outside of Israel.

Israeli Shekels image via CoinDesk archives

Read more about


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.