Israel’s stock exchange unveiled plans to develop a crypto trading platform, it said in a press release. The move comes as a part of Israel’s broader five-year strategy to tackle the opportunities presented by the “technological revolution” in global capital markets, TASE said in a statement.
Israel Looking to Tackle the Technological Revolution Through a 5-Year Strategic Plan
The Tel Aviv Stock Exchange (TASE) plans to launch a digital assets trading platform as a part of its newly-announced 5-year strategy. Developing a crypto trading platform is just one goal of TASE’s new strategic plan as the crypto bourse aims to advance the “implementation of innovative technologies.” TASE intends to put the strategy into force in 2023.
“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.”
– Itai Ben-Zeev, CEO of the Tel Aviv Stock Exchange (TASE).
Through the plan, TASE aims to create a blockchain-powered platform that integrates distributed ledger technologies (DLTs), as well as “tokenization of digital assets of various types and smart contracts.”
The aim of the new strategy is to reinforce the exchange’s international profile. Additionally, TASE said that new services and cooperation could also include the buyout of assets in international exchanges.
Israel’s move emphasizes the potential of blockchain technology and how it can enhance traditional finance, said CryptoJungle’s Ben Samocha. He added that flaws “of our current systems must be fixed with transparency, digitalization, and faster settlements. Every traditional firm, public or private, will now have to better understand the impact of blockchain technology on their business models,” Samocha added.
Crypto Adoption Picks up Steam as Global Jurisdictions Tap Into Blockchain
With the new strategic plan, Israel joins other global jurisdictions that seek to implement innovative technologies into the current market infrastructure. In September, the Bank for International Settlements (BIS) teamed up with Israel, Norway, and Sweden to analyze the role of central bank digital currencies (CBDCs) in international payments.
Israel’s 5-year plan is announced more than two years after the Israel Securities Authority (ISA) established a committee to research and promote digital markets throughout the country. The committee said the use of DLT could potentially advance the local capital market.
More recently, South Korea announced plans to launch blockchain-based digital IDs in 2024, which would replace current ID cards used by Korean citizens. The digital-government bureau said new IDs should cover 45 million South Koreans within the following two years of adoption.
This article originally appeared on The Tokenist
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.