Tel Aviv Stock Exchange proposes to allow cryptocurrency trading
The Tel Aviv Stock Exchange (TASE) has proposed allowing cryptocurrency trading to clients of non-bank financial institutions
TASE has submitted for public discussion changes to the rules that would allow clients of non-bank financial institutions to buy and sell digital assets
The Tel Aviv Stock Exchange (TASE) intends to allow customers of non-bank financial institutions to trade cryptocurrencies. The exchange said it has submitted a rule change for public discussion that would allow such companies to buy and sell cryptocurrency for their customers through licensed providers of cryptocurrency trading and storage services.
Non-bank financial institutions (NBMs) provide brokerage, investment services, and advice, act as intermediaries, and transfer funds, but cannot accept deposits from customers or hold their assets.
The exchange proposed the following system: a customer deposits fiat money into his NBM account, which will be credited to an NBM general account with a licensed cryptocurrency service provider. The purchase of the asset will be made using funds from this NBM account and will be credited to the customer's personal NBM account. When the cryptocurrency is sold, the merchant service provider will credit the proceeds with fiat money to the NBM general account, after which the consideration will be transferred to the customer's personal account.
TASE said the proposal to allow crypto trading for non-banking companies aims to meet the growing demand for cryptocurrencies while reducing the risks associated with them. The exchange proposal is open for public discussion and will then be presented to the TASE board of directors for approval.
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