Israel’s Tel Aviv Stock Exchange (TASE) has recently taken a step towards facilitating crypto trading on its platform. On Monday, February 27, the exchange published a draft seeking approval from regulators to expand the authorized activities of Non-Banking Members (NBMs) to include trading in digital assets.
The license proposed by TASE would allow customers to deposit fiat money designated specifically for crypto investments. If approved, non-banking members will act as licensed providers of crypto custodial and crypto trading services. All customer funds will be placed in an “omnibus account” that will serve as an intermediary for all crypto trading activities. It will also allow clients to withdraw funds through the sale of crypto.
Israel has been one of the leading nations in terms of participation in cryptocurrencies. Last November 2022, the chief economist of Israel’s Ministry of Finance published a report – “Regulation of the Digital Assets Sector – Roadmap to a Policy”. This report seeks to impose regulations on financial activities and services in digital assets which will be similar to the ones currently applied to non-digital assets.
The Tel Aviv Stock exchange is aware of the developments and hence taking action accordingly. In its press release, they note: “The TASE staff prioritizes the regulation and advancement of the trading in Cryptocurrency as a means to upgrading the Israeli capital market in line with international standards, as well the ability of NBMs to expand their areas of activity and the ability of their customers to trade in Cryptocurrency”.
The alignment of local and global regulations will attract more foreign investments in Israel’s crypto market. It will ensure further advancement of Israel’s capital market while encouraging innovation and competition. This will help the country to remain at the forefront of the crypto revolution.
The Tel Aviv Stock Exchange is taking the necessary steps to ensure that crypto trading on its platform is done in a secure and regulated manner. The exchange believes that the implementation of these regulations will help in protecting customers from any potential risks. It will also ensure that the trading of digital assets is done in a way that is consistent with international standards.
The Tel Aviv Stock Exchange is taking a proactive approach in the development of its crypto trading platform. It is seeking to provide a secure and regulated environment to facilitate the trading of digital assets. The exchange is also hoping to attract more foreign investments in the Israeli crypto market.
The move taken by the Tel Aviv Stock Exchange is a welcome step towards the regulation of crypto trading in Israel. It will ensure that the trading of digital assets is done in a secure and regulated manner. It will also help to attract more foreign investments in the Israeli crypto market. The implementation of these regulations will help to protect customers from any potential risks and ensure that the trading of digital assets is done in a way that is consistent with international standards.