Today the Tel Aviv Stock Exchange (TASE) announced a consultation for new rules to allow non bank members, such as brokers, to provide cryptocurrency services to clients. The move is in response to a request from the Tel Aviv Stock Exchange Brokers’ Association (TBA).
One of the goals is to encourage the Israeli public to use this regulated route rather than unregulated offshore exchanges that expose them to additional risks. It also wants to attract foreign investment and investors to Israel.
Brokers would not provide cryptocurrency services directly but instead work only with licensed crypto dealers and custodians for buying, selling and custody of crypto. Only Bitcoin and Ether would be supported initially and crypto activities will be separated from others in a walled garden approach. Clients will have to sign a separate letter for crypto with the brokers that acknowledges the significant risks in the sector.
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