The Israel Securities Authority (ISA) will host a hackathon as part of the government’s plans to better regulate the FinTech space and gain a better understanding of cryptocurrencies.
The event will take place in Tel Aviv in March and FinTech companies are invited to demonstrate their expertise.
Israel is looking for solutions powered by blockchain that can improve the existing infrastructure for its securities and sovereign debt markets.
Speaking to CoinDesk on Monday, ISA chair Anat Guetta said: “The main motivation behind the hackathon is to facilitate the transfer of technology from a developmental environment to applications in a large-scale live environment that may bring to light various technological, business and regulatory issues.”
The hackathon could pave the way for future collaborations between different parties in the financial industry.
The ISA wants to host a number of meetings among security experts, scholars, developers and tech firms who may come together and offer the government solutions that it could implement.
Blockchain remains a particularly appealing technology to Israel and the hackathon should lead to more insight into the issuance of securities and government bonds using the technology.
The hackathon will help Israel better understand what future blockchain has in the country and how to get there.
As to cryptocurrencies, Guetta remained more guarded. She argued that these assets would need a “holistic” regulatory framework to address various pressing matters in the industry.
This comes on top of the news that the Bank of Israel may also be looking into a central bank digital currency.
The solution is one of the latest announced as governments around the world are increasingly turning their focus on developing a digital version of their national currencies in a bid to secure their future on financial markets.
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