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One of the largest banks in Israel offers BTC and ETH trading

One of the largest banks in Israel offers BTC and ETH trading

Bank Leumi, the second largest bank in Israel, will offer cryptocurrency trading. For starters, customers will be able to trade Bitcoin and Ethereum, but over time, the offer may be expanded to include more cryptocurrencies.

After the new service is approved by the local regulator, Bank Leumi will become the first bank in Israel that will allow its customers to buy and sell cryptocurrency.

Bank Leumi Crypto Platform: Pepper Invest

Access to cryptocurrencies will be possible thanks to the Pepper Invest platform, which is linked to the bank. In order to simplify the entire process of buying and selling Bitcoin (BTC) and Ethereum (ETH), the company will partner with Paxos.

The minimum transaction amount is set at $15. This is more than the popular exchanges (compared to Binance, it is $10). For those who are just starting their adventure with digital assets, the ability to trade cryptocurrency using a bank-signed service will certainly be more important than the difference in the minimum amount or commission.

Easy settlement of taxes on cryptocurrency trading

Facilitated tax settlement is also worth noting. For each transaction, the tax amount will be automatically collected by Pepper Invest in accordance with the current guidelines of the local tax office. Thus, regardless of whether someone intends to trade cryptocurrency on a regular basis or just wants to buy or sell Bitcoin occasionally, they will not have to waste time calculating the tax they owe. Even experienced accountants often have problems with this.

However, it must be emphasized that before the new service announced by Bank Leumi is available to customers, the regulatory authorities must give appropriate approval.

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Banks are turning to cryptocurrency

It was expected that banks would eventually start introducing cryptocurrencies. We already described it in December of last year Buy bitcoins directly from your bank accountwhich plans to introduce Germany’s Sparkasse Bank as part of a pilot project.

What do you think of cryptocurrency trading on bank-owned platforms? Will the possibility of using such a solution affect your financial decisions? Or maybe you don’t want to disclose information about your cryptocurrency to banks?

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