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, wrote the ‘Tel Aviv Stock Exchange’ (TASE) in its recent press release.
Again, all crazy phantasies that global investors may shun away from Israel, are left-wing propaganda and incitement against the democratically elected government of Israel. Otherwise, TASE would has never introduced such a regulation, if there is no demand. Stupid, it’s economy.
The Tel-Aviv Stock Exchange (TASE: TASE) publishes today a draft for public comments for approval of the expansion of the authorized activities of Non-Banking Members (NBMs) to include trading in Cryptocurrency.
The Cryptocurrency market has experienced turmoils over the past year, which have brought material changes in Crypto activity, as more regulated institutions take part in this activity.
Those turmoils emphasize the need for regulation in this sector, in view of the rapid development of the Cryptocurrency sector over the recent years and the greater involvement of customers in this sector, accompanied by a growing demand from customers to transfer money originating in this activity into their accounts.
This requires regulation that will mitigate the various risks (operational, legal, cyber and other) that are inherent in Cryptocurrency activity, wrote TASE.
The regulation and supervision of Cryptocurrency service providers are still in the making. International authorities recommend a State regulation that will apply global standards and guidelines also to the digital currency sector, as reflected in the requirements of the Financial Action Task Force (FATF) and the recommendations of the International Monetary Fund. Centralized processes for the regulation of this activity in the United States and in the European Union are in various stages of progress.
The TASE staff prioritizes the regulation and advancement of the trading in Cryptocurrency as a means to upgrading the Israeli capital market in line with international standards, as well the ability of NBMs to expand their areas of activity and the ability of their customers to trade in Cryptocurrency.
TASE believes that the alignment of local regulation with international regulation will attract more foreign investments and foreign investors into the Israeli market, while at the same time will enable the Israeli public to invest locally, through supervised institutions.
This move will facilitate the development and advancement of the Israeli capital market and encourage innovation and competition, while addressing the risks that are inherent in this activity. Within this framework, TASE proposes an amendment to the TASE Rules that will permit NBMs to allow their customers to transact in Cryptocurrency.
BAsed on press release by TASE, selected as relevant, shortend, regroupde and introduced by VonNaftali