Digital Assets: Tel Aviv Stock Exchange Circulates Discussion Paper To Allow Crypto Trading
The move from the exchange comes amidst crypto-friendly moves by other Israeli institutions.
The Tel Aviv Stock Exchange (TASE) has proposed regulatory amendments that would allow clients of non-banking institutions (NBMs) to trade cryptocurrencies. NBMs, which provide investment, advisory, and brokerage services, currently cannot accept direct deposits or act as custodians, but TASE intends to expand their authorized activities to include crypto trading.
The exchange is seeking feedback on the proposal before submitting it for approval by the Board of Directors. (Bitcoin.com)
The new rules aim to enable customers to deposit fiat money for investment in crypto assets and withdraw funds from such investments. NBMs will work with licensed providers of trading and custodial services for cryptocurrencies.
The Tel Aviv Stock Exchange sees its initiative as encouraging innovation and competition while mitigating risks and protecting customers, especially in the context of the tumultuous events over the last year in the crypto assets space.
The proposal comes amid a growing number of regulated institutions becoming involved in the digital asset market.
Last November, Israel’s Ministry of Finance issued guidelines for digital asset regulation, and in January of this year, the Israel Securities Authority released a draft proposal to define the legal status of cryptocurrencies.
Last week, the Bank of Israel published recommendations for regulating and supervising activities related to stablecoins in the country.
Related Story: Israeli Fintech Liquidity Group Turns Unicorn After $40M Investment By MUFG
Image credit: Wikimedia Commons
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