Thursday, December 8, 2022

Tel Aviv Stock Exchange to Create Digital Assets Platform As TASE Share Rises 2.72%

Israel’s only public stock exchange, the Tel Aviv Stock Exchange (TASE), is planning to create a blockchain-based digital asset trading platform. The plan is one of four different objectives that make up a 5-year-long strategic roadmap for the exchange, according to a document that was published earlier today.

Tel Aviv Stock Exchange to Support Technological Innovations

The TASE is looking to tap into the wide range of benefits of Distributed Ledger Technology (DLT) as a way of facilitating the implementation of innovative technologies. Among those benefits are tokenization, immutable record-keeping, and many other ways in which the exchange hopes to improve Israel’s existent market infrastructures. The DLT will also see the TASE offering digital assets products and services in the long run.  For CEO Itai Ben-Zeev, there is no better time than now, to join the technological revolution that’s going on globally. He said in the document:

“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.” 

As Ben-Zeev noted, the efforts of the Israeli stock exchange are not in any way isolated from those of the rest of the world. In fact, it reflects a global trend as virtually every region has begun to warm up to the idea of integrating crypto-focused technologies into existing market infrastructure. 

Recall that the European Union EU, in a bid to remove the need for trade intermediaries, also recently approved the use of DLT to settle payments. Although, that approval was merely for a pilot testing of the technology.

What Are Regulators Saying?

While Israel is currently joining the global movement of blockchain technology adopters, it appears that the local regulators and lawmakers are also keen on the technology. Over time, Israeli regulators have continued to show interest in digital assets and the technology behind their existence. However, they will not allow an unregulated use of it.  Earlier in 2022, the country’s capital markets regulator gave out its first licenses to crypto service providers that met its requirements. Furthermore, the TASE is also in partnership with the Finance Ministry to issue a blockchain-based digital state bond.

As of writing though, TASE share is up 2.72% on the exchange.

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