Cryptocurrency CFD Trading

TASE Stock Exchange Will Now Also Offer Digital Currency Trading

The Tel Aviv Stock Exchange (TASE), an entity that operates the only trading platform in Israel, intends to broaden its authorized operations to permit crypto trading.

As per the company, this counts as another move in the development and advancement of the capital market in Israel to promote competition and innovation while protecting the consumers and minimizing the risks.

Tel Aviv Stock Exchange Declares Letting Consumers Trade Crypto Assets

The public stock exchange of Israel is proposing regulatory changes to allow consumers to trade cryptocurrencies. The proposals have been presented by it for open consultation. This comes at a point when more and more regulated institutions are becoming a part of the enhancing industry of digital assets, as per the exchange.

The Tel Aviv Stock Exchange has issued a draft that permits the consumers of non-banking organizations (or NBMs) among its participants to sell and purchase crypto assets.

The platform wants to widen the list of authorized operations for such institutions to incorporate crypto trading. NBMs offer brokerage, advisory, and investment services, along with operating as mediators.

AI Trading Robot

Though these entities can process diverse transfers like the funds’ transfer, the law does not permit them to accept straight deposits from clients or offer services as custodians. The only open exchange of the country is presently pursuing responses on the regulatory initiative of the platform.

The call for remarks was posted recently. After this, the proposal is to be filed for authorization from the Board of Directors, according to the platform.

Nonetheless, no specific timeframe has been provided by the platform in this respect. In its press release, the exchange commented on the disturbing incidents that were witnessed in the crypto world over the last year.

It additionally pointed toward the increasing demand shown by the clients as well as the enhanced engagement by the regulated companies. The company emphasized that there is a requirement for regulation to minimize diverse risks.

In addition to this, the company will permit the customers to extract their funds coming from crypto trading, but the procedure is convoluted to some extent. On the other hand, the regulatory scenario of Israel is getting more and more stringent for the crypto sector as a proposed law intends to categorize cryptocurrencies.

Back in January 2023, the Israeli Security Authority (ISA) presented an agenda to regulate crypto assets, labeling them as securities. In the last month, Ilan Sterk – the CEO of Altshuler Shaham Horizon (a crypto custody and trading platform based in Israel) – stated that the reclassification is making drastic changes.

As per the executive, this will eventually suffocate the industry. The announcement of the Tel Aviv Stock Exchange disclosed that the present regulatory approach of the country regarding digital assets is hard.

As per it, the respective approach deals with the regulation of the financial services or activities in the digital-asset space analogous to the sector of non-digital assets.

The Crypto Exchange Remains Optimistic amid Mounting Regulatory Stringency

Nevertheless, the Israeli exchange platform is even now optimistic. It mentioned that there is a requirement for an alignment between the country’s domestic regulation as well as the worldwide regulation of the crypto space. The firm is of the view that this move will grasp the attention of additional foreign investors and investments in the Israel-based market.

Previous post Vergomarkets Review, vergomarkets.com – Is Vergo Markets Scam Or Legitimate?
US Senators Introduce New Payment Stablecoin Bill Next post USDC Issuer Circle Says It’s Prepared to Cover $3.3B Deficit held in Silicon Valley Bank