Israel’s TASE Proposes Allowing Crypto Trading To Non-banking Members
- The Israeli Stock Exchange believes that greater foreign investment would be beneficial.
- NBMs will be obligated to meet the buying and selling needs of their customers in crypto.
In order to accommodate the needs of its non-banking members, the Tel Aviv Stock Exchange (TASE) is open to the idea of allowing cryptocurrency trading. Its suggestion is a direct outcome of last year’s industry crisis, which, according to many watchdogs, was necessary in order to implement stronger restrictions.
The Tel Aviv Stock Exchange (TASE) is hoping to include cryptocurrency trading in the permitted activities of its non-banking members (NBMs). Brokerages, insurance companies, stock exchanges, venture capitalists, and other similar organizations are all examples of this kind of institution. The stock market brought up the 2022 cryptocurrency market meltdown as an example of why the sector needs more regulation.
Aiming For Greater Foreign Investments
Customer safety is at the heart of the TASE’s plan. Traders may put fiat money into cryptocurrencies and withdraw it later by contacting a licensed supplier of digital asset trading services and an approved custodian, even if they don’t have a bank account. What this means is that if the proposed regulation becomes law, NBMs will be obligated to meet the buying and selling needs of their customers in cryptocurrency.
The Israeli Stock Exchange believes that greater foreign investment into Israel’s financial sector would be beneficial if domestic rules were more in line with international standards. It went on to say that allowing NBMs to facilitate cryptocurrency trading for their consumers might reduce sector risks, boost competition, and stimulate new ideas.
In October of 2022, the exchange showed that it planned to launch a blockchain-based cryptocurrency platform dedicated to smart contract technology and the issuance of a number of tokens.
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