In a groundbreaking move aimed at bolstering Israel’s position as a global hub for cryptocurrency innovation, lawmakers have put forth a new bill seeking to exclude foreigners from paying capital gains tax on their crypto investments. The proposed legislation also aims to halve the existing 50% tax on employees’ cryptocurrency options, providing a significant boost to the country’s thriving tech industry.
Over the past five years, Israel has demonstrated its commitment to embracing the potential of cryptocurrencies, establishing three committees dedicated to crypto regulation. This latest bill reflects the nation’s determination to stay at the forefront of this rapidly evolving industry.
By exempting foreign investors from capital gains tax, Israel hopes to attract top international talent and encourage foreign businesses to establish a presence within its borders. With this strategic move, the Israeli government aims to foster an environment where innovation can flourish, spurring economic growth and solidifying its position as a leading global player in the crypto sphere.
The proposed legislation is expected to be met with enthusiasm by crypto enthusiasts and foreign investors alike, who eagerly anticipate the potential tax relief and the opportunities it could bring.
