Israel has introduced new regulations that will require banks to increase their monitoring of cryptocurrency transactions, particularly if they involve online gambling sites.

Last week, Israel’s Money Laundering and Terror Financing Prohibition Authority, an offshoot of the Ministry of Justice, released a draft of new legislation in tandem with the June 1 implementation of the Financial Services Supervision Law, which regulates financial asset service providers.

The draft legislation, which is up for public comment until June 13, provides an exhaustive list of cryptocurrency transactions “that may appear to be unusual,” and which Israeli financial institutions – including cryptocurrency trading platforms – are required to monitor and report to law enforcement agencies.

Among these potentially ‘unusual’ transactions are the “transfer of virtual currencies to online gambling platforms and sites.” Online gambling is strictly forbidden in Israel, despite the country being a popular base for online gambling companies to base their technology and support staff.