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Tel Aviv Progresses Towards Allowing Crypto Trading

The Tel Aviv Stock Exchange, or TASE, is planning to expand its authorized activities in order to offer customers from the non-banking sector the ability to trade crypto. TASE operates Israel’s only public equity platform.

The draft for the approval wherein TASE is taking steps to introduce digital asset trading activities has been published for public comment based on recent announcements. The first announcement was made on February 27, stating that the proposed structure would let customers deposit fiat currency, which could then be used for investing in digital assets.

TASE’s regulatory initiative to expand the list of authorized services for non-banking institutions (NBIs) is now open for public comment.

NBMs are primarily intermediaries who provide brokerage, investment, and advisory services. NBMs can process several transactions which include the transfer of funds, but they are not allowed by law to accept direct deposits from customers or even act as custodians.

TASE has specifically spoken about how customers shall be allowed to deposit fiat currencies to trade crypto; similarly, clients shall also be allowed to withdraw their funds after selling their crypto.

The working analysis of this system is, however, still complicated, and not much about that has been revealed as of yet. It is mentioned that TASE is continuously working towards ensuring that the trading process remains safe with proper consumer protection.

If this new proposal is approved, NBMs will be licensed providers of crypto and custodial services. Until then, customer funds shall be transferred to an “omnibus account,” which will act as an intermediary for crypto trading activities. In the previous year, Tel Aviv’s banking institution, Bank Leumi, had already started to offer crypto trading services to customers in partnership with Paxos.

Growing Demand For Crypto

In the press release, TASE continues to speak of all the unfortunate events that have occurred in the crypto industry over the past year and how they continue to affect the space.

It also highlights that despite the risks involved in the industry, customers have demanded crypto services, which now require the presence of regulated institutions. TASE believes that the involvement of these institutions will help to reduce the risks associated with the virtual asset industry.

It stated that the proposal is yet to be submitted, and once submitted, it will require approval from the Board of Directors,

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

Where Do Israeli Regulators Stand?

Israel has maintained a positive stance on cryptocurrencies as a nation that has participated in the industry. With countries working on crypto regulations all across the world, the Israeli government is also moving towards the same goal.

Last November, Israel’s Ministry of Finance issued its own guidelines to regulate virtual assets. It published its recommendations about regulating and supervising the activities tied to crypto and stablecoins in a report titled “Regulation of the Digital Assets Sector: Roadmap to a Policy.”

Earlier this year, the Israel Securities Authority (ISA) released a draft proposal defining the legal status of cryptocurrencies. The report spoke of how Israeli regulators are attempting to impose regulations on digital assets while ensuring that these regulatory policies are not too different from the ones imposed on non-digital assets.

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