Tel Aviv Stock Exchange Takes Steps to Allow Crypto Trading
Israel’s public stock exchange is suggesting regulatory amendments that would permit some clients to trade crypto assets. The proposals, which have been put forward for public consultation, come at the backdrop of a growing number of regulated institutions getting involved in the digital asset market, the exchange noted. TASE Exchange Moves to Regulate Cryptocurrency Trading for Brokers
The Tel Aviv Stock Exchange (TASE) has published a draft proposing to allow clients of non-banking institutions (NBMs) among its members to buy and sell cryptocurrencies. It intends to expand the list of authorized activities for such entities in order to add crypto trading.
NBMs provide brokerage, investment and advisory services, and operate as intermediaries. While they can process various transactions such as the transfer of funds, they are not permitted by law to accept direct deposits from customers or act as custodians.
Israel’s only public exchange is now seeking feedback on its regulatory initiative. The call for comments was posted on Monday. Upon their receipt, the proposal will be submitted for approval by the Board of Directors, it said and elaborated: This is another step in the advancement and development of the Israeli capital market that aims to encourage innovation and competition, while mitigating the risks and protecting the customers.
In a press release, TASE marked the turbulent events in the crypto space over the course of the past year while highlighting the growing demand from customers and the greater involvement of regulated institutions. It insisted that all this requires regulation that will mitigate various risks.
The new rules aim to enable customers to deposit fiat money for investment in crypto assets and withdraw funds stemming from such investments. On their behalf, NBMs will deal with two types of licensed companies: providers of trading services and providers of custodial services for cryptocurrencies.
Last week, the Bank of Israel published recommendations for regulating and supervising activities related to stablecoins in the country. In November, 2022, Israel’s Ministry of Finance issued its own guidelines for digital asset regulation. In January of this year, the Israel Securities Authority (ISA) released a draft proposal to define the legal status of cryptocurrencies. Tags in this story Brokers, Clients, consultations, Crypto, crypto assets, crypto traders, crypto trading, Cryptocurrencies, Cryptocurrency, Digital Assets, Exchange, intermediaries, israel, Israeli, Proposals, Regulations, rules, service providers, stock exchange, TASE, Tel Aviv
Do you think Israel will gradually regulate all activities in the crypto market? Share your expectations in the comments section below. Lubomir Tassev
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. G20 Finance Chiefs Widely Recognize Crypto Poses Major Financial Stability Risks, Says Indian Central Bank Governor REGULATION | 20 hours ago SEC Chairman Explains Why He Views All Crypto Tokens Other Than Bitcoin as Securities REGULATION | 23 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons, ChameleonsEye / Shutterstock.com Previous articleBitcoin’s Blockchain Growth Accelerates With Trend of Ordinal Inscriptions Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms