Following a deal with US crypto business Paxos on Thursday, Bank Leumi, one of Israel’s largest banks, became the first in the country to allow crypto trading. Customers of Leumi’s digital division, Pepper Invest, will be allowed to buy, hold, and trade cryptocurrencies valued at least 50 shekels ($15.49) per transaction. For the time being, however, crypto trading will be limited to Bitcoin and Ethereum in Israel.
Israel’s Bank Leumi will provide Bitcoin and Ethereum crypto trading through its digital platform Pepper Invest, with a debut date and regulatory certification still to be determined.
Pepper Invest will also manage tax complexity and collect tax in accordance with Israel Tax Authority standards in order to make crypto trading easier for its consumers. Customers will also be able to use the cryptocurrency trading service without having to download a digital wallet.
The Israel’s company’s message about buying and selling cryptocurrency through Pepper Invest’s trading account read.
“The simple sale procedure is a significant innovation in relation to the existing difficulty”
” in converting cryptocurrencies to money available in the current account,”
” using the tools currently available.”
The usage of cryptocurrencies in Israel is considered a kind of virtual payment and is subject to taxation, according to the Israel Tax Authority. However, Bank Leumi’s launch of Bitcoin and Ethereum trading in Israel is a significant step toward crypto acceptance.
The whole crypto market cap has already topped $2 trillion, according to Coinmarketcap. At the time of writing, the prices of major cryptocurrencies were climbing, with Bitcoin trading above $44,000 and Ethereum selling around $3100, both up nearly 3% in the last 24 hours.
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