TASE published today a draft for public comments that introduces the listing on TASE of ETFs on digital assets, such as Bitcoin.
The amendment of the Guidelines will enable the listing of ETFs that track digital currencies. This move, which is the first of its kind in Israel, is aligned with steps implemented by advanced global capital markets to facilitate the public’s exposure to innovative financial assets in a controlled, regulated and transparent environment. The listing of ETFs on digital assets will give the Israeli public, for the first time, access to digital assets through local issuers, accompanied by international index editors - locally on TASE.
By investing in digital assets through financial instruments that would be issued and listed on TASE, the Israeli public can enjoy innovation and progress without being required to maintain a personal digital wallet.
As previously reported, one of the stated goals of TASE’s strategic plan is venturing into the digital assets sector. This move is another step in TASE’s mission of introducing innovations in the field of digital assets.
The option of listing of ETFs on digital assets became available following the Israel Securities Authority’s approval of the issue of mutual funds on digital assets. TASE now aims to realize this option by expanding the Guidelines to also support the listing of ETFs on digital assets.
According to the proposed amendment, a digital asset could be used as a tracked asset if it is traded on trading platforms whose published prices are used by an international index calculator to calculate indices. The assumption is that the international index calculators rely on the data of leading global digital asset trading platforms to perform their calculations, as these meet stringent qualitative and quantitative criteria of the international index calculators.
TASE will continue to further the public’s access to innovative investment instruments in a regulated, effective and transparent environment, on par with advanced global markets.
