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Tel-Aviv Stock Exchange proposes crypto trading regulation

March 3, 2023 By Crypto Reporter

Tel-Aviv Stock Exchange has submitted the proposal for public comments

Image via Wikipedia

Tel-Aviv Stock Exchange (TASE) has laid out plans to allow Non-Banking Members (NBMs) to trade digital assets. The exchange plans to change rules allowing NMB customers to buy and sell cryptocurrency via licensed exchange and custodian providers.

Non-Banking Members offer a range of services, including brokerage, investing, consulting, etc. They act as intermediaries, send remittances but are not allowed to take client deposits and keep funds.

TASE has come up with the following scheme. The clients deposit fiat money into their NBM account, that will be put into an aggregate NBM account of a licensed crypto provider. Digital assets are then purchased using these funds and transaction recorded to personal NBM client accounts. When the customer wants to sell cryptocurrency, the provider will sell the coins and credit the aggregate account by fiat money received, which will then be transferred into the customer’s NBM account.

TASE’s move to give cryptocurrency trading the green light is a reflection of a growing demand for alternative assets among the public, and at the same time a decision to reduce the risks associated with the activity. The proposal is available for public comments, after which it will be passed for approval to the TASE board of directors.

More news:

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    EU to finalise crypto regulation bill end of June
    June 28, 2022
  • European Union reaches agreement on crypto regulation
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    July 11, 2022
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  • Kraken CEO speaks about possible IPO and over-regulation in the US
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    April 19, 2021
  • BlackRock to offer crypto trading service
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    February 11, 2022
  • Crypto.com exchange gets UK regulatory approval
    Crypto.com exchange gets UK regulatory approval
    August 24, 2022

Filed Under: General News, Latest News, News Tagged With: cryptocurrency, Israel, news, regulations, Tel Aviv Stock Exchange

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