Israel regulator seeks to ban bitcoin firms

JERUSALEM, Dec 25 (Reuters): Israel's markets regulator said on Monday he will propose regulation to ban companies based on bitcoin and other digital currencies from trading on the Tel Aviv Stock Exchange (TASE).

Shmuel Hauser, the chairman of the Israel Securities Authority (ISA), told the Calcalist business conference he will bring the proposal to the ISA board next week.

If approved, it would be subject to a public hearing and then the TASE bylaws would need to be amended.

"If we have a company that their main business is digital currencies we would not allow it. If already listed, its trading will be suspended," Hauser said, adding the ISA must find the appropriate regulation for such companies.

Bitcoin plunged by 30 per cent to below $12,000 on Friday as investors dumped the cryptocurrency after its sharp rise to nearly $20,000.

It recouped some losses to trade above $14,000 on the Bitstamp platform, down 9.0 per cent on the day.