Mar 01, 2023
TASE Proposes Expansion of Crypto Trading to Non-Banking Members
The Tel Aviv Stock Exchange (TASE) has released a draft proposal that could open up the door to non-banking members providing crypto trading and custodial services. The Feb. 27 announcement stated that customers would be able to deposit fiat money designated for digital asset investments into an “omnibus account”, and have the option to withdraw funds from the sale of crypto.
The TASE believes that the alignment of local regulation with international regulation will attract more foreign investments and foreign investors into the Israeli market. However, the proposed law to classify crypto assets as securities, which was proposed by the Israeli Securities Authority (ISA) in January, could be a roadblock for the TASE’s ambitions.
Ilan Sterk, CEO of Israeli crypto trading and custody firm Altshuler Shaham Horizon, told Cointelegraph that the reclassification is “changing everything here”, and could “kill the industry”.
The TASE is confident that the proposed structure will enable customers to safely trade crypto, and will help to mitigate risks and enhance consumer protection. TASE stated that the goal is to “encourage innovation and competition while mitigating the risks and protecting the customers.”
The draft proposal will be sent for approval by the TASE Board of Directors once comments have been submitted, however, no timeframe was provided.
In September, Israeli crypto exchange Bits of Gold became the first in the country to receive a license from the Capital Markets Authority.
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The Tel Aviv Stock Exchange’s proposal could be a major step forward for the crypto industry in Israel. If approved, it could open up the door to non-banking members providing crypto trading and custodial services. It could also help to attract more foreign investments and foreign investors into the Israeli market.Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.