In conjunction with the hackathon, which will take place on March 24 in Tel Aviv, the ISA hopes to attract blockchain-based ideas that will help to strengthen the infrastructure supporting the Israeli securities and sovereign debt markets. In an exclusive interview with CoinDesk, the ISA’s chairwoman Anat Guetta revealed that the blockchain hackathon is part of a bigger drive by the “leading fintech regulator in Israel” to communicate directly with specialists in fintech innovation as well as to begin building the skills required for Israel’s long-term aspirations to regulate the crypto and fintech industries. Guetta stated: In doing so, she intends to encourage other Israeli agencies to support ventures incorporating new technologies by integrating them into the country’s current capital market infrastructures.
Regulators are lagging behind the market
Nevertheless, when it comes to crypto and blockchain, the chairwoman of the ISA acknowledged that “regulators are lagging behind when it comes to technology.” Thus, the regulator is trying to strike a balance by keeping an eye on and enforcing regulations in the industry while also staying up to date with technological advancements around the globe. She added: Overall, Guetta feels that a comprehensive regulatory framework covering the whole cryptocurrency sector from start to finish is needed. She argues that authorities require oversight to examine cryptocurrencies as the technology is moving at a pace that they otherwise can’t keep up with.
