The Tel Aviv Stock Exchange is preparing to launch cryptocurrency trading.

The only public stock exchange in Israel wants to let customers trade cryptocurrencies, but regulatory opposition is present.

The Tel Aviv Stock Exchange (TASE) has made a draught for approval of the expansion of cryptocurrency trading activities to non-banking members available for public feedback.

In a TASE first, the planned structure will allow consumers to deposit fiat money intended for investments in digital assets, according to a Feb. 27 release.

If the plan is adopted, non-banking members will serve as authorised suppliers of crypto trading and custody services. The “omnibus account” will serve as a middleman for any cryptocurrency trading transactions involving customer money.

Clients will also be able to withdraw money made from the sale of cryptocurrency, however the procedure is a little complicated. The notification states that this was done to reduce risks and improve consumer protection.

This represents another milestone in the evolution of the Israeli capital market, which aspires to promote innovation and competition while reducing risks and safeguarding consumers.

The plan will be sent to the TASE Board of Directors for approval after comments have been made, although no deadline was given.

The Tel Aviv Stock Exchange’s plans to trade cryptocurrencies may not succeed, though.

As a result of a planned bill that would categorise crypto assets as securities, the legal landscape in Israel is growing more challenging for the industry. The Israeli Securities Authority (ISA) put up a framework for governing digital assets in January, classifying them as securities.

According to Ilan Sterk, CEO of Israeli cryptocurrency trading and custody company Altshuler Shaham Horizon, the reclassification is “changing everything here” and “it will kill the business,” he told Cointelegraph in February.

According to the TASE release, the Israeli government currently “imposes regulation on financial operations or services in digital assets analogous to that currently applied to non-digital assets.”

The TASE, however, expressed unwavering confidence, stating:

TASE thinks that by harmonising domestic and international regulations, the Israeli market will draw more foreign investment and foreign investors.

The Capital Markets Authority granted its first license to Bits of Gold, an Israeli cryptocurrency exchange, in September.

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