Odaily News: On Wednesday, the Israeli parliament (the Knesset) passed a preliminary reading of a bill that extends certain tax benefits, applicable to Israeli high-tech companies, to the country's cryptocurrency industry.

If the bill becomes law, it would exempt foreign residents from capital gains tax when selling digital currencies and reduce the tax rate on employee cryptocurrency options (similar to stock options) from 50% to approximately 25%, according to the Israel Cryptocurrency, Blockchain, and Web3 Companies Forum (ICBW3).

The bill is supported by the coalition government led by Prime Minister Benjamin Netanyahu and is in line with his economic policies aimed at attracting investors and businesses to Israel, according to Dan Illouz, a member of Netanyahu's Likud party.

In a press release, Illouz stated, "Until now, cryptocurrency industry workers have been paying double the taxes on options compared to workers in the traditional high-tech industry. Additionally, foreign investors in the blockchain industry have not enjoyed the same benefits as investors in the traditional high-tech industry." He also mentioned, "This legislative amendment aims to balance this situation and eliminate tax discrimination." (Coindesk)