Bank Leumi, one of Israel’s largest lenders, is said to have started accepting Bitcoin (BTC) and Ether (ETH).

Digital platform Leumi Pepper Invest has partnered with blockchain infrastructure provider Paxos to launch cryptocurrency trading, Reuters reported on Thursday. Now Pepper Invest customers can buy, sell and store cryptocurrencies using the new service.

This move will only support BTC and ETH before adding support for other crypto assets. In addition, the minimum value for a cryptocurrency transaction has been set at around $15.50 (NIS 50), according to the report.

No start date has been announced at this time and the new move is awaiting regulatory approval. The report highlights the following:

“Pepper will collect taxes in accordance with the instructions of the Israel Tax Agency so that customers do not have to deal with tax complications.”
Banks in many countries were previously reluctant to accept bitcoin and other cryptocurrencies, but that has changed as demand from businesses and private customers has grown. Regulators have also shifted their focus from outright bans to developing a regulatory framework.

Leumi Bank had previously banned the use of a Bits Of Gold account on a cryptocurrency exchange, citing regulatory requirements. However, at the time, the Supreme Court, as reported by Cointelegraph, stated that Bank Leumi could not block a cryptocurrency exchange account.

Cointelegraph has reached out to Paxos for more information and the story will be updated with a response.

Related: US investment bank Coin launches dedicated crypto department

This is an important development as it represents a paradigm shift in the global financial sector’s attitude towards digital assets. Singapore-based DBS already offers enterprise cryptocurrency trading services and will expand these offerings to retail clients by the end of the year.

Additionally, KB Bank in South Korea is gearing up to offer crypto investment solutions to individual clients, and several other institutions are looking into similar opportunities.

Source: CoinTelegraph

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