Tel Aviv Stock Exchange Will Launch a Cryptocurrency Platform

The Tel Aviv Stock Exchange (TASE), which aims to create a blockchain-based platform for enabling cryptocurrency exchange services, has released its five-year strategic plan for the years 2023 to 2027.

One of the four objectives included in the paper, which lays out the institution’s road map for the following five years, is establishing the platform. The TASE will investigate the use of distributed ledgers (DLT) for immutable record-keeping, tokenization, and smart contracts (which may be used to conduct crypto trades) to improve the architecture of existing markets, as well as the provision of digital asset “services and goods.”

The idea of integrating components of the technology that support crypto markets into the architecture of current markets is gaining support from jurisdictions all around the world. For instance, the European Union has approved a pilot to examine the use of DLT for trade settlement that takes place directly between parties rather than through middlemen.

TASE’s strategy is a stamp approval for crypto

According to Ben Samocha, a proponent of the industry and the founder of the Israeli crypto media outlet CryptoJungle, the inclusion of crypto in TASE’s strategy is a “stamp of approval” for crypto and demonstrates how the technology that underpins digital assets can enhance the traditional financial services sector.

The exchange said that it would use distributed ledger technology or blockchain to build a platform for digital assets. This would make it possible to export unique technology services to smaller overseas exchanges while also allowing the trading of digital assets.

Electronic Board of TASE in Tel Aviv, from 4 November 2020

As a result, the TASE stated that it anticipates revenue to expand at a compound annual growth rate of 10% to 12% until 2027.

TASE’s CEO Ittai Ben Zeev stated:

 “We will leverage our home court advantage in Israel to adopt and develop fintech and position TASE as a hub of services and products.’’

The Indonesian government previously declared ambitions to launch a “crypto stock” exchange by the end of 2022. Companies in the digital asset sector, including some of the 25 exchanges that Indonesian financial authority Bappebti has granted licenses to, will be listed on the exchange.

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