LBank supports the Tel Aviv stock exchange's crypto trading offer
The Tel Aviv stock exchange – Israel’s sole trading platform – might offer crypto trading services and also receive support from the crypto exchange platform LBank. The offer is up especially to include the nonbanking members (NBMs).
TASE is a crypto exchange and also an equity and debt platform in Israel. On 27 February they made the announcement and also welcomed any public feedback. The Board of Directors will decide on whether to approve the proposal after they receive the comments
LBank has publically supported this idea, “The demand for crypto trading in Israel is rising; making this a logical yet pioneering move for the TASE,”. He further added.
“Comments from the public will help shape this initiative better. Industry advice will provide experience and perspective. This is great news for Israeli investors. Providing investor security and facilitating crypto adoption is clearly at the heart of this proposal.”
Nonbanking members (NBMs) are the financial intermediaries who provide various services like brokerages and investment advice. However, they don’t possess the authority to hold securities or accept deposits on behalf of their clients. Recently TASE took measures to expand its services. On approval, NBMs will be able to provide licensed cryptocurrency trading and custody services to their customers. Customers can deposit fiat money into an omnibus account for digital asset investment, and they can also withdraw funds from the sale of crypto.
According to the announcement made“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,”. They further added that The decision to expand services was made to meet the increasing demand while managing the risks that come with such activities.
The Israeli Securities Authority (ISA) is a regulatory authority in Israel and it set up a distinguished framework for the regulation of digital assets. According to that framework, they intend to regulate any digital asset as security. They intend to apply similar laws and regulations on digital as well as non-digital assets. Moreover, they also discourage the working of unlicensed exchanges. As of 12th February, they warned the unlicensed crypto exchanges. And the Bank of Israel warned local banks and credit card firms about the potential risks of dealing with crypto companies.