Tel Aviv Stock Exchange to allow non-banking members’ clients to trade crypto
- Tel Aviv Stock Exchange (TASE) operates Israel’s only public equity trading platform.
- Clients of non-banking TASE members may be able to start trading crypto.
- The non-banking member of the TASE does not accept deposits from the public.
According to a press release made on Monday, the Tel Aviv Stock Exchange (TASE) is planning to expand its authorized activities to allow the clients of its non-banking members to start trading cryptocurrencies.
Currently, the non-banking members which are also financial institutions do not accept deposits but offer services such as consulting, investment, brokering and cashing checks.
TASE’s proposal is open for public comments
The proposal by the Tel Aviv Stock Exchange (TASE) to expand the list of authorized activities is currently open for public participation and members of the public can give their views. The views/comments will then be submitted to the board of directors for approval.
According to the new proposal, non-banking members will be required to buy and sell crypto through licensed crypto trading and custody services depending on their customers’ demand.
Regulators in Israel have been warning institutions and the public about the risks involved in the crypto industry especially following the crypto market winter witnessed in 2022. In early February this year, Israel’s market regulator issued a warning against investing in unlicensed crypto exchanges.
On Sunday, the regulator further warned credit card firms and local banks of the risks of engaging with cryptocurrency firms.
In its press release today, TASE said that the move to allow customers of its non-bank members to trade crypto was aimed at meeting the growing demand for cryptocurrencies within the country while at the same time mitigating the inherent risks.
