Israel is set to introduce more opportunities for regulated cryptocurrency, with the country’s only public stock exchange preparing to offer new crypto services. The Tel Aviv Stock Exchange (TASE) has signed a ground-breaking and strategic agreement with the digital asset platform Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain.
This strategic partnership empowers TASE to offer a comprehensive range of innovative and secure digital asset products and services, aligning with TASE’s new strategic plan. On August 1st 2023, TASE announced that the collaboration would enable the stock exchange to provide institutional-grade digital asset solutions for regulated entities, leveraging the most advanced technology, experience and work processes from traditional markets while ensuring necessary protection.
Details on the Collaboration
Collaboration is crucial in the new era of innovation and transformative possibilities within the digital space. The partnership represents an unwavering commitment to driving the future development of the global digital asset world by combining cutting-edge technology with the foundations of traditional finance. According to TASE Clearing Executive Orly Grinfeld, the partnership between TASE and Fireblocks represent a monumental leap forward in the global digital assets landscape.
Grinfeld said, “We are unwavering in our pursuit of revolutionising the industry and the local capital market, and this collaboration epitomises our dedication to delivering secure, regulated and innovative digital asset solutions.” Grinfeld added, “By harnessing the power of Fireblocks advanced technology, we are poised to lead the charge into a future where the possibilities for digital assets are boundless.” During an interview with experts from Bitcoin Apex co-founder and CEO of Fireblocks, Michael Shaulov, emphasised that the collaboration builds upon the resounding success of Project Eden, a transformative initiative in which the TASE and the Israel Ministry of Finance joined forces to issue a government digital bond on a dedicated blockchain infrastructure platform.
Project Eden optimised the pioneering spirit of these visionary institutions, setting the stage for their continued collaboration and reinforcing their shared commitment to driving the digital assets revolution. The Co-founder and CEO of Fireblocks, Shaulov, said, “With Project Eden, our work with TASE has been one of the most exciting and ground-breaking digital asset use cases to date.” Shaulov added, “Fireblocks is proud to be trusted by some of the most recognised banks and financial institutions in the world, such as TASE, to bring their digital asset strategies to production. The digital asset products and services that TASE is exploding will no doubt play foundational roles in the future of Israel’s economy, and Fireblocks is excited to have the opportunity to provide the right infrastructure support and international expertise to bring these offerings to market.”
TASE and Fireblocks are united in their pursuit to reshape the future of finance and are setting new standards for the global digital assets landscape. This collaboration symbolises the convergence of visionary thinking, pioneering technology and a steadfast commitment to regulatory compliance, ensuring a future where digital assets thrive within a secure and regulated framework.
Crypto Timeline in Israel
In recent months, the cryptocurrency industry has faced difficulties due to needing more relevant knowledge and experience or more maturity in some proposed solutions. Despite this, it has become more apparent that the convergence of innovative solutions, a regulated framework and traditional finance holds immeasurable value. Recognising the profound implications of that, TASE plans to reshape the future of finance.
In October 2022, TASE announced plans to create a blockchain-band digital asset platform. TASE intends to examine multiple options with the plan, which includes converting existing infrastructure to innovative technologies and deploying innovative technologies onto specialised platforms. On January 4 2023, the Israeli Securities Authority (ISA) suggested a framework for regulating digital assets due to the increased number of Israeli investors exposed to digital assets.
In March 2023, TASE issued a proposal to approve an expansion of crypto trading activities to non-banking members. The draft stated that customers could deposit fiat money designated for investments in digital assets, with non-banking members acting as licenced providers for crypto trading and custodial services. According to the proposal, this was another step in advancing and developing the Israeli capital market aimed at encouraging innovation and competition while mitigating the risks and protecting the users.
Fireblocks and BlockFold, a crypto firm, participated in the proof-of-concept phase of the project, which was completed at the beginning of June 2023. TASE understands the need to adapt and spearhead ground-breaking solutions as a pioneer in the industry. The collaboration with Fireblocks underscores TASE’s unwavering commitment to driving innovation within a regulated framework. This collaboration between TASE and Fireblocks combines TASE’s experience and market presence with Fireblocks’ state-of-the-art technology, which will open new frontiers in tokenising various assets, present unparalleled growth opportunities and create new markets for both TASE and the local capital markets.