Bitcoin and ETH trading is coming to this billion dollar exchange
Source: Thought Catalog – Unsplash
- A new press release revealed that the Tel Aviv Stock Exchange is specifically working to regulate cryptocurrency trading on its platform.
- Israel has recently revealed its plans to regulate digital assets in the country.
Interest in Bitcoin and Ethereum is surging globally, as a billion-dollar exchange plans to open the door to digital assets.
According to a recent press release, it was announced that the Tel Aviv Stock Exchange (TASE) is working to regulate cryptocurrency trading. The exchange has published a draft for public comments for the approval of the authorized activities of non-bank members (NBM) to include cryptocurrency trading.
Customer protection is a central part of the activity structure, says the press release. Once crypto trading has been regulated, customers with fiat currencies will be able to deposit funds intended for investment in digital currencies. Withdrawal of funds generated from the aforementioned currencies will also be enabled for customers.
The proposed structure will enable the customer to deposit money (Fiat money) designated for investment in cryptocurrency and withdraw money coming from these currencies as follows: NBM will contact two functions – the first, a licensed provider of cryptocurrency trading services, and the other, a licensed provider of custody services for these currencies.
Israel seeks to create a regulatory framework for digital assets in the countries
To complete a cryptocurrency purchase, customers must make a deposit to their accounts, with NBM funds in fiat currencies, either in NIS or a foreign fiat currency. The fiat currencies will later be deposited into an omnibus account of NBM, through the platform that offers the trading service.
The purchase will be approved and executed after the order to purchase the cryptocurrencies is received from the customers. The process will be registered on the customer’s account with NBM
When the customer places an order to sell the cryptocurrency, the trading service provider will sell the coins and credit NBM’s omnibus account with the received consideration (Fiat money) and then the consideration will be transferred to the customer’s account with NBM. .
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Meanwhile, cryptocurrency regulation in Israel has continued to register progress in recent years. A report published by the Chief Economist of the Ministry of Finance in November, titled “Regulation of the Digital Asset Sector – Roadmap to a Policy” highlighted the goal of crypto regulation in the country.
The report explains that crypto regulation in Israel is intended to create a framework for financial activists and services specifically for digital assets, similar to the one that applies to non-digital assets in the market, while taking into account the fact that cryptocurrencies have their own distinct features.
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