Pray for Algorithmic Stablecoins at the Wailing Wall
The Bank of Israel formulated the stablecoins regulation principles, where the 100% coverage of coins ownersэ obligations was put forward.
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This means that algorithmically backed stablecoins become illegal in this jurisdiction.
In addition, issuers will need licenses from the Capital Market Authority or the Department of Banking Supervision, as well as the control of the Payment Systems Supervision Service at the Bank of Israel.
In addition to Israel, the Canadian Association of Securities Administrators (CSA) announced a ban on algorithmic stablecoins.
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