Tel Aviv’s Spot.IM Seeks Regulatory Approval For Paying Salaries In Bitcoin

The high-tech industry of Israel is at present facing a scarcity of skilled and highly-trained experts in the field of technology and struggling over better perks, stock options, and higher salaries. And Tel Aviv’s Internet start-up Spot.IM is trying to move an edge beyond this competition by attracting better workforce and for that, it is planning to pay salaries in Bitcoin (BTC-USD).

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However, the startup cannot do so until it gets regulatory approval. Now the company is just waiting to see whether the authorities of the country will give permission to the plan or not.

Spot.IM Negotiating With ISA

According to reports, the internet company is currently negotiating the payment option with the Israel Securities Authority (ISA). The discussion is reportedly about the appropriate exchange rate, and how they can make such an arrangement work. Trade analysts have said that both the sides most probably will reach an agreement sometime in next month and will ensure that the plan moves forward.

Apart from the ISA, the company has also approached the Labor Ministry on the matter and the latest reports indicate that the officials from the concerned ministry are already looking into the possibilities of approving it. According to the company’s plan, it would welcome any employee who is ready to accept total or partial payment of his salary in Bitcoin. Spot.IM will absorb the costs of the shekel conversion fees.

Spot.IM Israel Head Says Value Of Coin Depends On Trust

According to the company’s head of Israel activity, Ido Goldberg, the value of a coin depends on trust and secures the future of companies, organizations, crypto coins and institutions; and authorities must recognize it as a legitimate currency. At present more than 50 employees are working at the two branch offices in Tel Aviv and New York. According to a lawyer of Spot.IM, Itay Bracha, “Any money, money equivalent or benefit given to an employee is viewed as taxable income by the Tax Authority.”

Spot.IM management has been directly in contact with the Israeli Tax Authority for the last month and hopes to get a nod to its plan from the authority soon.

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