Tel Aviv Stock Exchange Moves To Allow Crypto Trading – Regulation Bitcoin News

[ad_1]

Israel’s public exchange is proposing regulatory changes that would allow certain clients to trade crypto assets. The proposals, which have been submitted for public comment, come against the backdrop of a growing number of regulated institutions 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 customers of non-banking institutions (NBMs) among its members to buy and sell cryptocurrencies. It intends to expand the list of permitted activities for these entities to include crypto trading.

NBMs provide brokerage, investment and advisory services and operate as intermediaries. Although they may process various transactions such as transfer of funds, they are not permitted by law to accept direct deposits from customers or act as custodians.

Israel’s only public stock exchange is now seeking comment on its regulatory initiative. The request for comments was published on Monday. Upon receipt, the proposal will be submitted for the approval of the Board of Directors, which specifies and specifies:

This is a new step in the advancement and development of the Israeli capital market that aims to encourage innovation and competition, while mitigating risk and protecting customers.

In a press release, TASE marked the turbulent events in the crypto space over the past year while highlighting growing customer demand and greater involvement from regulated institutions. He insisted that all of this requires regulation that will mitigate various risks.

The new rules aim to allow customers to deposit fiat money to invest in crypto assets and withdraw funds from those investments. On their behalf, NBMs will deal with two types of licensed firms: trading service providers and custodial service providers for cryptocurrencies.

Last week, the Bank of Israel issued recommendations to regulate and oversee stablecoin-related activities in the country. In November 2022, Israel’s Ministry of Finance released its own guidelines for the regulation of digital assets. In January this year, the Israel Securities Authority (ISA) published 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, providers of services, stock market, TASE, Tel Aviv

Do you think Israel will gradually regulate all crypto market activities? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: Being a writer is who I am, rather than what I do. Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons, ChameleonsEye / Shutterstock.com

Disclaimer: This article is provided for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. 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.

More popular newsIn case you missed it

[ad_2]