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Israel is poised to unveil additional regulated cryptocurrency options, as the nation’s sole public stock exchange prepares to launch new crypto services.
The Tel Aviv Stock Exchange (TASE) has entered into an agreement with the digital asset platform Fireblocks to collaboratively provide a variety of new digital asset products and services.
In a statement made on Aug. 1, the TASE highlighted that this new partnership will allow the stock exchange to deliver institutional-grade digital asset solutions for regulated entities.
The collaboration aims to merge the TASE’s expertise and presence in the Israeli market with Fireblocks’ technology, which is centered on the movement, storage, and issuance of digital assets.
As stated by TASE clearing executive Orly Grinfeld, the partnership between the TASE and Fireblocks represents a “monumental leap forward in the global digital assets landscape.”
“We are steadfast in our mission to transform the industry and the local capital market, and this collaboration exemplifies our commitment to providing secure, regulated, and innovative digital asset solutions,” Grinfeld remarked.
Fireblocks co-founder and CEO Michael Shaulov noted that the firm’s recent collaboration with the TASE builds on the achievements of Project Eden, an initiative focused on utilizing blockchain infrastructure for the issuance and settlement of digital government bonds. Fireblocks and the crypto company BlockFold were involved in the proof-of-concept phase of the project, which concluded in early June 2023.
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“With Project Eden, our collaboration with TASE has been one of the most thrilling and pioneering digital asset use cases to date,” Shaulov stated, adding:
“The digital asset products and services that TASE is investigating will undoubtedly play essential roles in the future of Israel’s economy.”
The TASE officially revealed plans to establish a blockchain-based digital asset platform in October 2022. As part of this initiative, the Israeli stock exchange aimed to explore various options, including the transformation of existing infrastructure to adopt innovative technologies and the implementation of these technologies into specialized platforms. The stock exchange also sought to provide a range of services and products for digital assets and beyond.
Related: Bill to exempt foreigners from crypto taxes passes preliminary reading in Israel
In March 2023, the TASE proposed to approve an expansion of crypto trading activities to non-banking members. According to the proposal, non-banking members would serve as licensed providers for crypto trading and custodial services.
The TASE did not promptly respond to Cointelegraph’s request for comment.
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