Israel's Stock Exchange to Launch a New Platform for Digital Asset
Godfrey Benjamin Oct 24, 2022 21:00
The Tel Aviv Stock Exchange is planning to create a crypto platform through a project that will span for 5 years
The Tel Aviv Stock Exchange (TASE) is set to launch a new platform that will be dedicated to digital currencies, expanding its influence in the emerging industry.
According to a press release issued by the exchange, the program is set to kickstart in 2023 and is expected to run until 2024.
The creation of the Digital Assets platform is one of the creative avenues by which TASE wants to fully embrace blockchain-based innovations, including the associated technologies ranging from smart contracts, and Distributed Ledger Technologies (DLTs) amongst others.
"We see in the next five years a critical window of opportunity for the integration of the Israeli Stock Exchange in the technological revolution that the world's capital markets are going through," Itai Ben-Zeev, CEO of the exchange, said in the statement. Development of the strategy will start in 2023.
Israel occupies a very pivotal position in the evolution of the digital currency ecosystem as many talents are bred in the country as well as some of the most prominent solutions providers, one of the most prominent being StarkWare.
By implementing a basis for which crypto-related innovations can gain more recognition, TASE hopes to “strengthen the cooperation and the international profile of the stock exchange,” adding that it believes “these services and collaborations may include the purchase of holdings in foreign exchanges.”
Israel has been proactive in bringing the appropriate regulation into the digital currency ecosystem in the past few years. Trailing the issuance of the draft regulations regarding Anti-Money Laundering (AML) by the Bank of Israel in March, Bits of Gold, one of the crypto firms operating in the country was granted a license to operate last month.
The latest moves from Israel show how much its new pro-crypto stance is working favorably for all stakeholders in the country.
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