Tel Aviv's stock exchange wants to regulate crypto trading after the turbulent year 2022
Tel Aviv's stock exchange wants to regulate crypto trading after the turbulent year 2022
Tel Aviv Stock Exchange (TASE) is ready to enable customers of their non-banking members to trade cryptocurrencies.
Your proposal is the result of turbulence in the industry in the past year, which, according to numerous observers, was a prerequisite for the introduction of strict regulations.
The TASE-Israel's only public stock exchange-would like to expand the authorized activities of their non-banking members (NBMS) in order to enable customers to trade digital currencies. Examples of such companies are brokerage companies, insurance organizations, stock exchanges, risk capital providers and others. The stock exchange recalled the crash of the cryptocurrency market in 2022 and emphasized the need to impose a relevant regulatory framework for the industry. The proposal of the TASE focuses on customer protection. It enables dealers to pay Fiat money into cryptocurrencies, while withdrawals can be carried out after non-bank members contacted a licensed provider of commercial services for digital assets and an authorized custodian. In other words, the possible rule will oblige NBMS to buy and sell cryptocurrencies on customer requirements. The Israeli stock exchange is of the opinion that the national regulations should adapt to global in order to attract more foreign capital into the local financial ecosystem. Giving the green light for NBMS to enable customers to trade cryptocurrencies could reduce the risks in the industry, promote competition and promote innovations.
The market Intention to set up a designated blockchain-based cryptocurrency platform in October Focus Smart Contract technologies and spend a variety of tokens. CEO Itai Ben-Zeev said that the stock exchange should see the light of day in the next four years and to accelerate the development and introduction of fintech. The Israeli Securities Authority (ISA) reveals At the beginning of this year that three of its existing financial laws could change. The changes will enable the supervisory authority to monitor the operation of digital assets directly and to classify them in the "financial instruments" category, in which there are securities and common systems. The main goal is to grant the Israeli crypto participants maximum security and to emphasize the technological progress of the industry. Similar to the proposal of TASE, the ISA believes that the introduction of digital assets of the local economy could bring numerous advantages, including a current of foreign investments: "The progressive technology in these assets can lead to economic efficiency in many areas, reduce costs, save the need for intermediaries and optimize the way information is transmitted between companies."
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