Israel, promised land of cryptocurrency trading?

Crypto All Stars! – Israeli institutions have been showing interest in blockchain and cryptocurrencies for some time now. Besides, one of the biggest banks from Israel, Leumi, has just announced the launch of a cryptocurrency trading service. “The service will allow Pepper Invest clients to buy, hold and sell cryptocurrencies. »

Crypto trading service for Leumi clients

Pepper Invest, Leumi’s digital investment platform, has partnered with blockchain infrastructure provider Paxos, according to a report by Reuters on Thursday. The goal ? Start a service trading of cryptocurrencies. Pepper Invest clients will be able to buy, sell and hold cryptocurrencies using this new department.

“We are proud to be the first in the Israeli banking system and one of the few in the world to offer our customers the ability to trade cryptocurrency simply, securely and reliably., without the need to download a crypto wallet and with all the tax complexities solved by the bank. »

Uri Nathan, CEO of Pepper Invest

Israel, the promised land of blockchain and cryptocurrency?

This service will only support BTC and ETH Firstly. Support for other crypto-assets should come a bit later. Additionally, the minimum transaction value for cryptocurrencies has been set at about $15.50 (50 shekels), according to the report. However, we do not yet know the launch date because the platform is still awaitingapproval regulatory.

“Pepper will collect the taxes, in accordance with the guidelines of the Israel Tax Authority, so that customers do not have to deal with tax complexities. »

Reuters report

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A first for the Israeli bank.

“Pepper will be the first banking platform in Israel…to allow its customers to trade cryptocurrencies, in an attractive pricing model”, details the Reuters announcement. According to them, the service will also become available to other Bank Leumi customers in the near future.

The new service is a collaboration between Leumi Group and Paxos, a regulated US blockchain infrastructure platform. Founded in 2012, Paxos holds regulatory licenses in the United States. She manages more than $20 billion of assets and concerns more than 400 million customers worldwide.

The decision by the Israeli judiciary has set a precedent for Israeli cryptocurrency businesses.  Thus, they could legally use traditional banking services in the region.
Since 2018 and the Bits Of Gold case, cryptocurrency companies have been legally recognized.

In the past, Leumi Bank had firm the account ofexchange Bits Of Gold, citing regulatory concerns. However, a Supreme Court decision at the time stated that Leumi Bank not could not block the accountexchange crypto.

Despite the Supreme Court’s decision against Leumi, the bank would have maintained its position against theexchange. However, this decision of the judicial body had created a previous for Israeli cryptocurrency businesses. Thus, they could legally use traditional banking services in the region.

Banks in many countries were previously hesitant to accept Bitcoin (BTC) and cryptocurrencies. This situation changes as Requirement businesses and individuals are increasing. Most regulators have also changed their minds. Their pure and simple prohibitions are gradually transformed into framework development regulations. This development is significant because it represents a paradigm shift in the attitude of the financial sector traditional with regard to crypto-assets. This is the case, for example, in Colombia.

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