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.
