The Tel
Aviv Stock Exchange (TASE) has become another traditional trading floor to hop
on the accelerating cryptocurrency wagon by allowing customers to transact
digital assets. On Monday, TASE started a public discussion on draft rules to
approve Non-Banking Members (NBMs) to trading cryptos.
The
proposed structure allows customers to deposit fiat money for investment in
cryptocurrency, which licensed providers will trade. The Non-Banking Members
will act as intermediaries between the customer and the trading and custodial
services providers. When a customer places the order to buy or sell
cryptocurrency, the purchase or sale will be executed using the deposited funds
and recorded in the customer’s account with the NBM.
TASE notes
that the cryptocurrency market experienced significant turmoil in 2022, which
affected the decline in activity in the sector and increased regulators’
oversight. The exchange sees the need to regulate the industry to allow it to
continue its dynamic growth and greater involvement from retail and
institutional investors. Bringing cryptocurrency trading to regulated exchanges
can help reduce the operational, legal and cyber risks directly associated with
cryptocurrency trading.
It is
another step into crypto trading on TASE after October’s publication of a five-year
strategic plan between 2023 and 2027 which aims to develop a blockchain
platform for offering crypto exchange tools…
