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Israel’s public exchange is proposing regulatory changes that would allow some clients to trade cryptoassets. The proposals, which have been put forward for public consultation, come against a backdrop of a growing number of regulated institutions engaging in the digital asset market, the exchange noted.
The Tel Aviv Stock Exchange (TASE) has published a draft that proposes to allow customers from non-banking institutions (NBM) among its members to buy and sell cryptocurrencies. It intends to expand the list of authorized activities for such entities to add crypto trading.
NBMs offer brokerage, investment and advisory services, and act as intermediaries. Although they can process various transactions such as the transfer of funds, they are not allowed to accept direct deposits from customers or act as custodians.
Israel’s only public stock exchange is now seeking feedback on its regulatory initiative. The call for comments was posted Monday. After receipt of the proposal, the proposal will be submitted for approval by the board, it says and elaborates:
This is another step in the progress and development of the Israeli capital market which aims to encourage innovation and competition while reducing risk and protecting clients.
In a press release, TASE highlighted the turbulent events in the crypto space over the past year, while also highlighting the growing demand from clients and the greater engagement of regulated institutions. It insisted that all this requires regulation that will reduce various risks.
The new rules aim to enable customers to deposit fiat money for investment in crypto-assets and withdraw funds derived from such investments. On their behalf, NBM will handle two types of licensed companies: trading service providers and cryptocurrency custody service providers.
Last week, the Bank of Israel published recommendations for the regulation and supervision of activities related to stablecoins in the country. In November 2022, Israel’s Ministry of Finance issued its own guidelines for the regulation of digital assets. In January of this year, the Israel Securities Authority (ISA) released a draft proposal to define the legal status of cryptocurrencies.
Do you think Israel will gradually regulate all activity in the crypto market? Share your expectations in the comments section below.
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