Leumi Bank in Israel reportedly partners with Paxos to bring crypto trading service 

One of the biggest banks in Israel, Leumi Bank, has reportedly begun to accept Bitcoin and Ethereum trading on its platform.
One of the biggest banks in Israel, Leumi Bank, has reportedly begun to accept Bitcoin and Ethereum trading on its platform.

One of the biggest banks in Israel, Leumi Bank, has reportedly begun to accept Bitcoin and Ethereum trading on its platform.

As per a recent report by Reuters, Leumi’s digital platform, Pepper Invest, has partnered with the Blockchain infrastructure company Paxos to release its own crypto trading service. The clients on Pepper Invest can now buy, sell, and hold digital tokens using the new system.

Before introducing support for other crypto assets, the move will only support Bitcoin and Ethereum. According to the report, the minimum transaction amount for cryptocurrencies was set at nearly $15.50 (50 shekels).

As per the report, there is no specific launch date, and the new move is subject to regulatory clearance. 

Pepper will collect taxes, according to the guidelines of the Tax Authority of Israel, so that customers will not need to “manage tax complexities,” according to the report.

Various banks in many countries were initially unwilling to accept Bitcoin and other cryptocurrencies, but this changed as demand from businesses and individuals grew. In addition, regulators have switched their focus away from outright bans and toward the establishment of a regulatory framework.

Israel is on the way to regulating the crypto industry

As TheCoinRise reported in November, Israel passed a new Anti-money laundering (AML) law for crypto. Notably, a few weeks back, the central bank of the country, proposed another guideline to regulate crypto for the prevention of AML and terrorist financing.

This is a significant milestone since it marks a shift in the global banking sector’s stance regarding digital assets. DBS of Singapore already provides crypto trading options to businesses, and by the end of the year, it will expand its capabilities to retail clients.

In addition, one of the largest banks in South Korea, Kookmin Bank is preparing to offer crypto investing solutions to individual clients, and numerous other banks are examining similar offerings.