Regulator: Capital Market, Insurance, and Savings Authority (CMA), Banking Supervision Department of the Bank of Israel (BOI)
Israel is developing a comprehensive stablecoin regulatory framework based on EU MiCA standards, published as BOI principles in February 2023 but not yet enacted into law. The framework mandates 100% reserve backing, dual-regulator oversight (CMA for non-systemic, Banking Supervision for systemic), and strong consumer protections including 2-business-day redemption rights. The BILS shekel-backed stablecoin pilot (launched March 2024 on Solana) operates under CMA sandbox supervision. A public CMA consultation on dedicated stablecoin legislation was opened in mid-2025, indicating proposed formal framework implementation in coming years.
