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The Israel Stock Exchange, TASE, announced on Monday (24) that it will begin its program to list bitcoin and other cryptocurrencies in the next five years, after its Board of Directors approved the measure.
In a statement, the Tel-Aviv Stock Exchange (TASE: TASE) highlighted that it will start, from 2023 to 2027, to meet all its strategic objectives.
The main focus is on developing and improving its platform, focusing on organic growth for new clients, as well as strengthening its international profile. One of the intentions is to attract foreign investors to Israel, launching new international products.
To this end, it will lead to the strengthening of the liquidity strategy and the derivatives market, with the relaunch of the futures market. The entire TASE over-the-counter market will undergo changes, aligning its entire process to international standards.
Israel Stock Exchange to Launch Bitcoin and Cryptocurrency Trading in Coming Years
According to TASE CEO Ittai Ben Zeev, who has held the position since 2016, the next five years will be a critical window of opportunity for the Israeli stock exchange to position itself as the investment leader in the country.
“The Next Five Years Is A Critical Window Of Opportunity For TASE To Play An Active Role In The Technological Revolution Of The Global Capital Markets. The Plan Anticipates Market Needs And Takes The Development And Management Of Innovative Products And Services To The Next Level. We Will Not Only Participate In The Change, But We Will Also Try To Lead It.”
Therefore, one of the strategic goals of the exchange is to create a blockchain cryptocurrency (DLT) trading platform, “venturing into crypto”.
According to a public announcement on Monday, the Israeli exchange said it intends to implement innovations with bitcoin and cryptocurrencies, such as tokenization and the use of smart contracts.
The exchange may launch a basket of products and services for its clients involving digital currencies, which is then another exchange across the globe announcing its entry into the sector.
“TASE Will Promote The Implementation Of Innovative Technologies Including DLT, Tokenization Of Various Digital Asset Classes, And Smart Contracts. TASE Intends To Examine Various Potential Action Plans, Including Converting Existing Infrastructure To Innovative Technologies, Deploying Innovative Technologies On Specialized Platforms, Offering A Basket Of Services And Products For Digital Assets, And Much More.”
Stock exchanges get involved with cryptocurrencies
In Brazil, B3 was a pioneer in launching products associated with bitcoin, such as ETFs, for example. However, this is not a company that should launch cryptocurrency trading for its clients, according to its CEO.
One of the largest operations in the United States, Nasdaq recently announced that it will launch a cryptocurrency custody operation.
These cases show that stock exchanges can no longer ignore cryptocurrencies, which are already seeking their space in the sector.
