Tel Aviv Stock Exchange moves toward offering crypto trading
Feb 28. 2023
By Martin Young
Israel's sole public stock exchange wants to allow its clients to trade crypto but is facing regulatory resistance.
A draft for the approval of an expansion of crypto trading activities to non-banking members has been published by the Tel Aviv Stock Exchange (TASE) for public comments.
In a TASE first, a Feb. 27 announcement stated the proposed structure will enable customers to deposit fiat money designated for investments in digital assets.
Non-banking members will act as licensed providers for crypto trading and custodial services should the proposal be approved. Customer funds will be placed in an “omnibus account” as the intermediary for crypto trading activities.
It will also allow clients to withdraw funds originating from the sale of crypto but the process is somewhat convoluted. This has been done to mitigate risks and enhance consumer protection, according to the announcement.
“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.”
Once comments have been submitted, the proposal will be sent for approval by the TASE Board of Directors, however, no timeframe was provided.
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