Digital Assets: Tel-Aviv Stock Exchange Outlines Plans For Crypto
TASE, the Israeli exchange intends to develop digital assets and crypto markets as per its strategy plan for the years 2023-2027.
The Tel-Aviv Stock Exchange (TLV: TASE) has outlined four goals in its strategic plan for the years 2023-2027 one of which is “creating a platform for digital assets using blockchain (digital ledger technology) and venturing into crypto.” (TASE)
Ittai Ben Zeev, CEO of TASE said: “The next five years are a critical window of opportunity for TASE to play an active role in the technological revolution of the global capital markets; the plan anticipates the needs of the market and takes the development and management of innovative services and products to the next level.”
To implement the new strategy, TASE will embark on a restructuring. The new structure will consist of a holding company with several subsidiaries (both existing subsidiaries and subsidiaries that will be established to further the goals of the plan).
TASE has also adopted a target of revenue CAGR from organic growth of 10%-12% over the next five years.
The exchange said it had taken a host of factors into account for formulating the plan, including “digital innovation trends that blur the borders between the regulated capital markets and the alternative markets, changes in local regulation and a rising interest environment that affects liquidity and investors’ preferences.”
TASE outlined a target to create a platform for digital assets using Blockchain (DLT) and venturing into Crypto: “TASE will promote the implementation of innovative technologies, including DLT, tokenizing of various classes of digital assets and smart contracts. TASE intends to examine multiple potential action plans, including conversion of existing infrastructure to innovative technologies, deployment of innovative technologies into specialized platforms, offering a basket of services and products for digital assets and more.”
Project Eden: Issuance of government Bonds on a Blockchain Platform
Earlier this month, the Israeli Ministry of Finance and TASE announced the establishment of a joint team to conduct a proof of concept for the issuance of government bonds on a blockchain platform (DLT). The process will include a pilot issuance of digital government bonds by digital-asset technology leaders, VMware and Fireblocks.
The Accountant General, Yali Rothenberg, said about Project Eden that it “allows us to examine, in a secure and controlled manner, new possibilities for the issuance and management of the government debt. I believe that Blockchain-based technologies are here to stay, and overtime will permeate the core of the financial markets, thoroughly and deeply altering them.”
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