TASE seeks to expand authorization activities to enable trading of cryptocurrencies by non-bank members
It is reported that the Tel Aviv Stock Exchange (TASE), the Israeli stock exchange platform, wants to expand its authorization activities to allow its customer…
It is reported that the Tel Aviv Stock Exchange (TASE), the Israeli stock exchange platform, wants to expand its authorization activities to allow its customers who are not bank members to trade cryptocurrencies. Non-bank financial institutions can provide services such as investment, consulting, brokerage or cashing cheques, but cannot accept public deposits. The announcement said that TASE’s proposal to change its rules has now been publicly solicited for public opinion, and will be submitted to the entity’s board of directors for approval.
Tel Aviv Stock Exchange plans to allow customers who are not bank members to conduct cryptocurrency transactions
Interpretation of the news:
The Tel Aviv Stock Exchange (TASE) is reportedly planning to expand its activities and allow customers who are not bank members to trade cryptocurrencies. Non-bank members are financial institutions that are not authorized to accept public deposits but can offer investment, consulting, brokerage, or cashing cheque services. This development comes as the crypto landscape in Israel grows, with many investors showing interest in digital currencies. The TASE’s proposal to change its rules has now been publicly solicited for public opinion and will be submitted to the entity’s board of directors for approval.
The move by TASE to allow non-bank financial institutions to trade cryptocurrencies is a significant indicator of Israel’s growing interest in the digital currency space. This development will improve access to the crypto market, allowing more people to invest while reducing the dependence on traditional banking institutions. Furthermore, it will also enable investors to access crypto trading services without the need for intermediaries, such as banks, which can be expensive and cumbersome.
This development is expected to provide a significant boost to the Israeli crypto market, which has been growing steadily in recent years. Encouraging more investors to participate in the market will increase the liquidity of cryptocurrencies and create a more competitive environment, which will be beneficial to traders and investors alike. This move is also timely, given the ongoing Covid-19 pandemic, which has led to a significant shift towards digital services and an accelerated adoption of cryptocurrencies.
In conclusion, the TASE’s move to allow non-bank members to trade cryptocurrencies is a significant development and highlights the growing interest in the digital currency space. The move will increase access to the crypto market and reduce the dependence on traditional banking institutions, which can be expensive and cumbersome. Furthermore, it will create a more competitive environment, boosting liquidity and benefiting traders and investors alike. Ultimately, the move is expected to play a significant role in propelling the Israeli crypto market forward.
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