The Israeli Stock Exchange Dives Into Cryptocurrency; Plans To Launch A Digital Asset Platform
The Tel Aviv Stock Exchange (TASE), Israel’s only public stock exchange, unveiled its new strategic plan from 2023 to 2027 earlier in the week. The exchange’s board of directors has approved four strategic objectives.
One is using blockchain technology to create a platform for digital assets and branch out into cryptocurrencies. Earlier this year, Israeli regulators and lawmakers expressed interest in promoting regulated cryptocurrency activity in the country.
Thus, it issued the country’s first licenses for cryptocurrency service providers to the country’s capital markets regulator. In addition, TASE is working with the Ministry of Finance to develop blockchain-built digital government bonds.
The Ministry of Finance will issue the bonds. The initiative aims to reduce costs and simplify the issuance of government bonds. “This inclusion of cryptocurrencies in TASE’s strategy is a “seal of approval” for cryptocurrencies, said Ben Samocha.
Samocha is a crypto industry advocate and founder of CryptoJungle, an Israeli cryptocurrency media outlet. He says it proves how technology that powers digital assets can power the traditional financial services sector.
Current systems’ inefficiency must be addressed through transparency, digitization, and faster processing. In addition, traditional businesses, public or private, need to understand the implications of blockchain better.
Integrating Blockchain Solutions To Existing Financial Systems
Several jurisdictions worldwide are starting to embrace the idea of integrating the technological features that tie cryptocurrency markets to existing market infrastructure.
One of the key players, the European Union, has approved a pilot project to test the use of DLT (Distributed Ledger Technology) for direct transaction processing instead of going through intermediaries.
According to Ittai Ben-Zeev, CEO of TASE, the next five years present an excellent opportunity for TASE to play an active role in the technological revolution in the global capital markets. First, this strategy anticipates market demands.
Then, it drives the development and management of innovative services and products. He said that TASE would not only participate but lead the transition.
“TASE will launch and build fintech with home advantage in Israel, positioning TASE as a hub for services and products.” Israel’s only stock and bond trading platform encourage cutting-edge technologies such as DLT for immutable record-keeping, tokenization, and smart contracts.
These technologies can be used to execute crypto trades, improve existing market infrastructure, and provide digital asset services and products. TASE will also use this unique opportunity for growth and expansion to increase local capital market activity.
Thus, keeping pace with Israel’s economic strength and global operations, Ittai Ben-Zeev concluded.
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