ISA issued a statement on December 12, 2017 on trading of cryptocurrencies. Shmuel Hauser, the Chairman of ISA is critical of bitcoin and its high volatility, estimating that it was for him a bubble. The statement also explains that ICOs are being reviewed with the objective to provide regulatory certainty with the following cases :

  • Cases where an ICO fall under securities law
  • Cases where ICOs are not subject to securities law
  • Cases where of "Coin securities", an hybrid of a coin and a security. In those cases an appropriate regulatory framework must be established, similar to REgulation A exemption in the US.
  • Cases that must be examined on a case-by-base basis