Despite chances of regulatory resistance, the Tel Aviv stock exchange (TASE), plans to let customers from the non-banking sector have the ability to trade in crypto stocks. The sole Israeli public stock exchange has said it believes the alliance of local regulations and international regulation can bring in more investors to the country.
The Tel Aviv exchange drafted a proposal that elaborates its plans to expand all authorized undertakings of NBMs to include crypto trading. A press release on February 27 reveals that the Tel Aviv stock exchange was sounding out public opinion on the proposal. The exchange will revise the proposal before forwarding it to the exchange board for their approval.
Once approved, the draft proposal would allow non-banking participants to deal in crypto trading and crypto custody services, the latter a process of securing crypto assets from theft.
The Tel Aviv exchange states that this latest move is one more step towards the development and advancement of the capital market in the country. It said that it aims to boost competition and innovation even while extenuating the risk and ensuring that the customers are always protected.
Tel Aviv Exchange Puts Rules In Place To Protect Investors
The money coming against the crypto outlay would be parked in a dedicated omnibus account. This account is slated to act as a crypto trading intermediary. But this process is a little more challenging than usual for which the Tel Aviv exchange has plans to enhance the protection of customers and mitigate accompanying risks.
The Tel Aviv exchange has emphasized that the turmoil faced by the cryptocurrency market last year has forced nations and organizations to toughen regulatory measures and apply fresh rules primarily to protect customers.
TASE has stated that it believes that aligning international and local regulations will bring in more foreign investors and investments into the national market. It will simultaneously enable citizens to invest at a local level but through institutional supervision.
