In a huge move for the crypto industry, it seems Israel’s Stock Exchange could be on the verge of greenlighting public trading of digital assets.
It emerged this morning that the Tel Aviv Stock Exchange (TASE) has published a draft proposal that could see a highly-anticipated approval of public crypto trading in Israel brought to fruition.
The draft text from TASE would allow non-banking members (NBOs – e.g. crypto exchanges) to let users trade cryptocurrencies for the first time.
For many years TASE has been under pressure from high retail demand for crypto trading.
However, the Stock Exchange has so far demonstrated persistent reluctance due to concerns around high volatility and retail investors’ exposure to risk.
JUST IN – The Tel Aviv stock exchange is planning on allowing crypto trading!
Who’s excited for mass adoption??? pic.twitter.com/iejtvqqrDP
— Blockchain Demons (@Blkchain_Demons) February 27, 2023
How Will Israel Crypto Proposals Work?
While crypto enthusiasts in Israel can already invest in digital assets, many turn to unregistered exchanges to build their stacks – and trading of Bitcoin perps and futures isn’t allowed.
But the proposal from TASE could change that with the Stock Exchange seeking to expand the authorized activities of NBMs to enable crypto trading.
Under the proposals outlined in the text, retail customers will be able to buy crypto using fiat by depositing money into an NBM (exchange) account.
The funds will then be deposited into an omnibus account of the NBM with a licensed provider of crypto trading services.
Israeli Regulators Changing Tune on Digital Assets?
The move caught some in the industry off guard – in the past Israeli regulators have shown a great deal of concern and skepticism around digital assets.
But in recent months, the tune has changed as TASE has sought to encourage more innovation and competition as the digital asset sector continues to gain traction.
Despite only last year running a campaign against unregistered crypto exchanges, the move also comes ahead of a rumored TASE crypto trading platform launch.
With TASE seeking to claim a slice of the digital asset market’s trading volume – it seems that the crypto winter has seen more than just blockchain projects in their deep build phase.
With the proposed text now in a public consultation phase, it is expected that TASE will submit its proposal to the Board of Directors in the coming weeks.
This could see digital asset markets connected with more than $500m in daily trading volume at TASE. Watch this space.
- Our Cryptocurrency Guides
- How to Buy Bitcoin – Beginner’s Guide
- 10+ Best Altcoins to Invest in 2023 – Which New Altcoins to Buy?
Dash 2 Trade - New Gate.io Listing
- Also Listed on Bitmart, Changelly, LBank, Uniswap
- Collaborative Trading Platform Token
- Featured in Bitcoinist, Cointelegraph
- Solid Proof Audited, CoinSniper KYC Verified
- Trading Community of 70,000+ Members
Discuss This Article
Add a New Comment /Reply
Thanks for adding to the conversation!
Our comments are moderated. Your comment may not appear immediately.