Tel Aviv Stock Exchange (TASE) has recently made a public announcement pertaining to offering more than stock trading services to investors.
The TASE has recently issued a draft that has been made public to collect comments from the public. It has been published for the purpose of approval from the public and has asked them to make comments.
The updates suggest that the report is pertaining to cryptocurrency trading activities. The exchange is aiming to offer cryptocurrency trading services to non-banking members.
Draft Details
The draft was reportedly published by the TASE on February 27. They even made the announcement on the launch of the draft that is seeking comments and reviews from the public.
The draft is simply asking the public if they are okay with the idea of making deposits using conventional depositing methods.
Once the deposits are made, the investors can use the funds to purchase digital assets and make investments in them.
The draft also provides information pertaining to the role of the non-banking members. It suggests that the particular members will be offering their custodial and cryptocurrency trading services.
It clarifies that the aforementioned members will be acting as the providers of the services as licensed entities.
However, it is just a proposition that has been made by the stock exchange and it is subject to approval from the public.
The draft also speaks about the omnibus accounts. It talks about the very nature of these accounts and how the funds of the investors/customers will be saved in these accounts.
These accounts will be acting as the intermediaries between the investors and the cryptocurrency trading operations and activities they carry out.
Option to Withdraw Funds
The draft also provides detailed information about the funds that the users will be able to withdraw following their trades in cryptocurrencies.
The exchange states that users will not have to go to other platforms to withdraw their funds. Instead, they will be able to withdraw their funds directly. The origination of these funds will be the proceeds for the crypto trading activities.
The TASE is specifically concerned about the withdrawal process for investors. It has sought their input to get more understanding and clarity about the withdrawal process when it comes to cryptocurrencies.
The detailed information and process that the TASE has laid out are somewhat complicated and difficult to understand.
The stock exchange operator has revealed that they have a valid reason why they have introduced such a strict process.
They have claimed that the safety and protection of the investors and their information is their top priority. They want to protect their funds and their personal information, which is why they have very strict deposit/withdrawal procedures in place.
They want to mitigate the risks of the customers losing their personal/financial information and for this purpose, they have a very strict process in place.
The TASE is after global recognition whether it is in the stock sector or the cryptocurrency industry. They want their presence to be known and want the investors to profit as much as possible.
With the addition of cryptocurrency trading services to their platform, they will be achieving a new milestone in the capital market of Israel.
They will keep working on the development and advancement of their investment industry and crypto will be one of their most crucial investment assets.
TASE’s Board to Approve the Draft
As per communications by the TASE, all of the comments will be sent over to the Board of Directors for the stock exchange once the commenting period is completed.
The TASE officials are yet to provide an update on the matter as they haven’t even confirmed when the commenting period will end.
After the commenting period, the decision would fall on the Board of Directors who will decide whether to proceed with the approval of the draft or not.