The central bank of Israel issued stablecoin regulatory rules. The document follows the digital asset regulatory guidelines issued by the country’s Ministry of Finance in November. The central bank requires stablecoin issuers to maintain a reserve that matches the number of cryptocurrencies in circulation. In addition, the document also proposes to split regulatory roles among multiple regulatory agencies to improve efficiency, and stablecoin issuers should obtain operating licenses. Issuers of larger stablecoins that may have "systemically important status" should be licensed by banking regulators, while others should be overseen by the Capital Markets Authority. Additionally, payments-focused stablecoins “should be overseen by the Bank of Israel’s payment systems oversight function.” The proposed rules will be open for public comment until March 15, after which the bank will make the necessary changes and recommend legislation to the government.