Israel Urged to Adopt Tax Reporting Rules for Cryptocurrency

Israel’s comptroller urged the country’s tax office to quickly adopt a global reporting standard for cryptocurrencies and reap the benefits of the sector’s potential tax revenues.

Estimated tax collection from the crypto sector could reach 2 billion to 3 billion shekels ($803 million), but Israel’s regulation of crypto has fallen behind the US, EU, and the UK, the State Comptroller of Israel said in a report Tuesday after concluding an audit at the Israeli Tax Authority.

Low reporting is just one of dozens of issues that the comptroller’s audit found in Israel’s regulation of crypto. The audit ran ...