Cryptocurrencies based Companies will be ban from trading on Tel Aviv Stock Exchange (TASE). Shamuel Hauser, the ISA (Israel Securities Authority) chairman will be proposing a prior notice to the ISA board next week. The proposal would contain regulations for bitcoin/cryptocurrency based firms.
If we have a company that their main business is digital currencies we would not allow it. If already listed, its trading will be suspended,” Hauser said. He was also stating that some appropriate regulations to be made for such companies if not.
If his concern gets accepted, then TASE bylaws would need to be amended, he added.
ISA approval would ban cryptocurrency firm on TASE
The announcement of ISA on Monday has followed by the crypto pump and dump warning of FINRA, stating to be cautioned of the cryptocurrency -related firms that promises high returns without having any business fundamentals.
The proposal would ban cryptocurrency firms operating on Tel Aviv Stock Exchange. Further, those who’re already present will be suspended from trading.
He wasn’t point any firm to be affected by this change rather there are two companies describing cryptocurrency as an essential element for their business, namely “Blockchain Mining and Fantasy Network”
The Earlier announcement by Hauser, Fantasy Network sees high potential. Further firm has acknowledged the caution and added
These restrictions… could harm investment in the company and could exclude it from trade on the stock exchange
Bitcoin’s fluctuation has recently affected cryptocurrency market as a whole, in this regard, Hauser said “”I think it looks like a bubble, smells like a bubble, acts like a bubble and feels like a bubble”
His primary concern is the skyrocketing price of cryptocurrency. Which he was stating that “Nobody knows what stands behind this” & regulations needed “because the public is unprotected”.
However, major countries like China, USA strictly opposing ICO and cryptocurrency. Irsraeli media has reported that Israel’s central bank and finance ministry are in plan to launch state cryptocurrency named as a digital shekel. This Israelian cryptocurrency aimed at cellular transactions in the country. If the local digital currency gets approved, the other three countries would also join the stream namely, China, Japan & Swedan.