Israel is set to introduce more regulated cryptocurrency opportunities, with the countryâs only public stock exchange preparing to offer new crypto services.
The Tel Aviv Stock Exchange (TASE) has signed an agreement with the digital asset platform Fireblocks to jointly offer a range of new digital asset products and services.
Announcing the news on Aug. 1, the TASE noted that the new partnership will enable the stock exchange to provide institutional-grade digital asset solutions for regulated entities.
The collaboration is designed to combine the TASEâs experience and presence in the Israeli market with Fireblocksâ technology focused on moving, storing and issuing digital assets.
According to TASE clearing executive Orly Grinfeld, the new partnership between the TASE and Fireblocks is a âmonumental leap forward in the global digital assets landscape.â
âWe are unwavering in our pursuit of revolutionizing the industry and the local capital market, and this collaboration epitomizes our dedication to delivering secure, regulated, and innovative digital asset solutions,â Grinfeld said.
Fireblocks co-founder and CEO Michael Shaulov mentioned that the firmâs latest collaboration with the TASE builds upon the success of Project Eden, an initiative dedicated to the application of blockchain infrastructure in the issuance and settlement of digital government bonds. Fireblocks and the crypto firm BlockFold participated in the proof-of-concept phase of the project completed in early June 2023.
âWith Project Eden, our work with TASE has been one of the most exciting and ground-breaking digital asset use cases to date,â Shaulov said, adding:
âThe digital asset products and services that TASE is exploring will no doubt play foundational roles in the future of Israelâs economy.â
The TASE officially announced plans to create a blockchain-based digital asset platform in October 2022. As part of the plan, the Israeli stock exchange wanted to examine multiple options, including the conversion of existing infrastructure to innovative technologies and the deployment of innovative technologies into specialized platforms. The stock exchange was also looking to offer a basket of services and products for digital assets and more.
Related: Bill to exempt foreigners from crypto taxes passes preliminary reading in Israel
In March 2023, the TASE issued a proposal to approve an expansion of crypto trading activities to non-banking members. According to the proposal, non-banking members will act as licensed providers for crypto trading and custodial services.
The TASE did not immediately respond to Cointelegraphâs request for comment.
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