Bank Leumi announces the trading of cryptocurrencies in Israel

The second largest bank in Israel, Bank Leumi, said this Thursday the trading cryptocurrencies in alliance with the Paxos platform

The second largest financial entity in Israel, Bank Leumi, announced on Thursday March 24 the commercialization of cryptocurrencies through its Pepper Invest digital platform, in association with the Laxos purchase, sale and custody platform. Once approved by the regulatory authorities, it will become in the first Israeli bank to offer cryptocurrency trading services to its clients.

According to the information outlined, users will initially be able to acquire, maintain and sell cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) by making transactions starting at $15.49, which is equivalent to 50 shekels, and they estimate that in the future they will be able to trade other cryptocurrencies.

To offer this type of service, the regulatory authorities must approve the initiative, for which there is not yet a scheduled date, but according to the statement, the bank’s platform “will collect taxes in accordance with the guidelines of the Israel Tax Authority for that customers do not have to deal with the complexities of taxes.”

Clear and necessary legislation

Anat Guetta, head of the Israel Authority, recently expressed that the country needs clear legislation that would allow the country to attract investors to develop its crypto market.

It is important to note that the country is working on legislation that guarantees that cryptocurrencies are not used for illicit purposes. In this connection, in early March, the Israeli Defense Minister seized “30 cryptocurrency accounts related to terrorist groups.”

The Israeli authorities are quite strict with the management of the crypto market, to the point that Binance had to stop its operations in the country after the regulatory authorities made such a request.

M. Rodríguez


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