Last week, the Israeli Crypto Blockchain & Web 3.0 Companies Forum initiated a lobbying campaign aimed at driving regulatory changes that could potentially inject 120 billion shekels (approximately $38.36 billion) into the national economy by 2035. The campaign is expected to create around 70,000 new jobs.
During an event in Tel Aviv on February 3, Nir Hirshman-Rub, the Forum leader, emphasized public backing for easing restrictions on stablecoins and tokenization, alongside making tax compliance more manageable. He noted that over 25% of Israelis have engaged in cryptocurrency transactions in the past five years, with more than 20% currently holding digital assets, according to KPMG research.
A recent Chainalysis report highlights that Israel's crypto economy has experienced steady growth, with inflows reaching $713 billion last year, particularly following the October 2023 Hamas attacks. This growth is attributed to a robust retail market. Israeli firms like Fireblocks and Starkware are recognized leaders in the global digital asset sector, with over 160 companies attracting more than 5% of the $30 billion invested in the industry worldwide.