The Israel Securities Authority (ISA) plans to hold its first hackathon in March as part of the country’s effort to review its expanding fintech industry.
As part of the hackathon that will hold on the 24th of March in Tel Aviv, the securities agency hopes to attract ideas about blockchain. These ideas will help strengthen the system supporting the nation’s securities and independent debt market.
Benefits Of The Hackathon
In discussion with CoinDesk, the chairwoman of the Israel Securities Authority (ISA), Anat Guetta, said that the hackathon is a huge move by the leading financial tech regulators in the country to communicate with experts in the field for innovation purposes. Also, it is to build the necessary skills that will fulfill the country’s dream to regulate the fintech and crypto sectors.
Guetta noted that the hackathon would enable the transfer of technology and innovation from the developmental stage to application in a larger environment. This will open up different regulatory, technological, and business issues.
The chairwoman hopes that this will move other agencies in the country to support institutions that are into new technologies by integrating these innovations into the nation’s market infrastructure.
Israeli Regulators Are Far Behind Technologically
The leader of ISA agreed that the country’s regulators are far behind in terms of technological development in the area of blockchain and cryptocurrency. Hence, the agency is trying to enforce regulations while also looking out for recent technological advancements worldwide.
Also, blockchain companies prefer to operate outside of the country and not in it. The chairwoman stated, “these companies would have added to the country’s economy, but Israel has a lot that. The country needs to have clear and precise laws that will attract these companies into the country. Moreover, the working conditions in Israel need to be improved acceptably and legally.”
Succinctly, what Israel needs is a comprehensive regulatory system that will cover the whole crypto sector from top to bottom, Guetta noted. For regulatory bodies to examine cryptocurrencies, they need to be up to date with recent technology as the world is moving fast.
Israel is not the only country “far behind” in terms of technological advancements. Other countries of the world are still at a loss of what blockchain and cryptocurrency are all about.
A favorable environment is needed if any country wants to attract development. The Israeli regulatory agency plans to position the nation so that technological investors will want to settle down in the country for business.
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