Israel’s second-largest bank, Bank Leumi, become the first Israeli bank to allow crypto trading after partnering with Paxos, according to a report by Reuters on Thursday.
Bank Leumi stated that the new service will allow Pepper Invest customers to purchase, hold, and sell cryptocurrencies, starting with Bitcoin and Ethereum for now. The minimum value for purchases must be nearly $15.
The announcement did not give an official launch date, stating that regulatory approval was pending.
Pepper Invest stated that it will collect tax on all crypto transactions subject to the guidelines of the Israeli Tax Authority to help customers with the management of tax complexities.
Regulatory approval will be important and Israeli authorities are strict about the crypto market. Binance was forced to stop operations in the country after a request from the country’s financial regulator.