Israel’s regulator is changing the way it grants business licenses due to a backlog.

In Brief:

• The Capital Market Authority currently has 2,000 FinTech and blockchain bases businesses waiting to be licensed.

• The Authority will set up smaller, industry specific teams to look at different projects and speed up the process.

• It has also been reported that the CMA is looking to make the applications process easier for digital finance companies in general.

What does this mean?

At the moment, Israel’s main goal is to promote more competition in the local financial services sector – a key driver to get these businesses going.