Will the Bank of Israel soon allow trading in digital currencies? Pepper Invest, Pepper’s Digital Investment Platform (PepperFrom home national , Announced tonight (Thursday) the launch of a cryptocurrency trading service. Pepper no longer advertises the level of trading fees, but promises that the pricing will be attractive and that later on the service will also be possible for Bank Leumi customers.
Note that for the time being another date of commencement of trading through the app that currently allows trading in shares included in the index S&P500 , Because Pepper still needs to receive the regulatory approvals – from the Bank of Israel and the Tax Authority. No conversion transactions were made between Bitcoin and Atherium.
Crypto Trading Using Pepper Invest / Photo: Screenshot: Pepper
The new service is the result of a recently concluded collaboration between the Leumi Group and the American company Paxos, a leading platform supervised by American regulators, in the world of crypto. Upon completion of the required regulatory approvals, the service will allow Pepper Invest customers to purchase, hold and sell cryptocurrencies, initially of the Bitcoin and Ethereum type, starting at NIS 50 per transaction, with no conversion between the two cryptocurrencies at this time. The reason Pepper chose bBitcoin andEtherium This is mainly due to the regulatory uncertainty regarding other currencies, and since both have already been given an opinion that they are not securities.
When selling and converting back to shekels in the current account, Pepper will collect tax in accordance with the guidelines of the Tax Authority, so that the customer will not have to deal with the taxation issue at all, ie a process of withholding tax will be carried out. Cryptographic coins for money are available in the current account, with the tools available today.
Pepper noted that Paxos, founded in 2012, holds licenses from U.S. regulators, and is the most supervised body of its kind. The company has dozens of strategic customers and investors, such as PayPal, Bank of America, and Revolut. The company Manages more than $ 20 billion in assets and serves more than 400 million end customers worldwide.
Uri Natan, CEO of Pepper: “We are proud to be the first in the banking system in Israel, and one of the few in the world, to offer our customers to trade cryptocurrencies in a simple, safe and reliable way, without having to download a wallet, and without having to deal with tax authorities. This is a game changer that has opened a window for our clients into the next world of investments and the banking of the future. “