What will the TASE's proposed guidelines for crypto trading bring to Israel's crypto ecosystem?
The stock exchange said that it designed the framework to mitigate risks and enhance consumer protection. Without a specific timeframe, the proposal will be sent for approval by the TASE board of directors once the public comments have been submitted.Non-banking members of the Tel Aviv Stock Exchange will play a vital role in the proposed crypto trading services. An NBM is an Israeli broker authorized by TASE.
Ben Samocha, the CEO and co-founder of educational crypto platform CryptoJungle, referred to enabling crypto trading for authorized brokers as another milestone for crypto adoption in Israel. According to him, TASE’s proposal shows the crypto industry’s reputation is back on track after scandals surrounding FTX and Celsius damaged its credibility and trust.
Mark Smargon, the founder and CEO of blockchain-based payment platform Fuse, agreed that the proposal is “not improving anything for the clients themselves.” Since the proposal only includes authorized brokerages that are members of the Tel Aviv Stock Exchange, Smargon believes that it won't have much impact on non-public firms or banks.Delving into technical details of the proposal, Smargon pointed out that it’s mainly for purchasing crypto “within a closed-loop system.
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