Leumi Bankone of Israel’s largest lenders, would have started accepting the trading of Bitcoin (BTC) and Ether (ETH).
According to a Thursday report from Reuters, Leumi’s digital platform Pepper Invest has partnered with blockchain infrastructure provider Paxos to launch cryptocurrency trading. Pepper Invest clients can now buy, sell and hold crypto using the new service.
The move will only support BTC and ETH before adding support for other crypto assets. Additionally, the minimum transaction value for cryptocurrencies was set at around $15.50 (50 shekels), according to the report.
A start date has not currently been announced and the new move is pending regulatory approval.. The report highlighted that:
“Pepper will collect taxes in accordance with the guidelines of the Israel Tax Authority so that clients do not have to manage tax complexities.”
Banks in many countries were previously hesitant to accept BTC and other cryptocurrencies, but that situation has changed as demand from corporations and individual customers has increased. Regulators have also turned their attention away from outright bans and towards developing a regulatory framework.
Leumi Bank had previously banned the Bits Of Gold cryptocurrency exchange account, citing regulatory concerns. However, a Supreme Court ruling at the time, Cointelegraph reported, stated that Leumi Bank could not block the cryptocurrency exchange’s account.
Cointelegraph has contacted Paxos for more information and the story will be updated with a response.
The development is significant as it represents a paradigm shift in the global financial sector’s attitude towards digital assets.. Singapore’s DBS is already providing cryptocurrency trading services to businesses and will extend these offerings to retail customers by the end of the year.
Additionally, KB Bank in South Korea is preparing to provide crypto investment solutions to individual clients, and several other institutions are considering similar possibilities.
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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.