Israel's Tax Authority receives only $50 million reported in cryptocurrency voluntary disclosures

According to Cointelegraph, the Israel Tax Authority expressed disappointment with the results of its voluntary disclosure policy on cryptocurrency. The agency initially aimed to collect up to 1 billion US dollars in tax revenue through the policy to be implemented by August 2025, but so far has received only 58 disclosures, involving approximately 50 million US dollars in crypto capital. Under the policy, taxpayers holding crypto assets worth no more than roughly 522,000 US dollars who properly disclose and pay taxes before August 31, 2026 can avoid criminal charges. Tax experts believe that the lack of early-stage certainty and anonymity in the process has weakened taxpayers’ willingness to participate. A report from the Bank of Israel shows that local residents hold about 1 billion US dollars in crypto assets.