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The Tel Aviv Stock Exchange, or TASE ,which operates Israel's only public equity trading platform, wants to expand authorized activities to allow customers of its nonbanking members to trade crypto, according to a Monday announcement.

Nonbanking financial institutions can provide services like investments, consulting, brokering or cashing checks but can't accept deposits from the public.

TASE's proposal to change its rules is now open for a period of public comment. After that, the proposal will be submitted for approval by TASE's board of directors, the announcement from the stock exchange said.

Under the proposal, nonbank members would have to buy and sell crypto for their customers through licensed crypto trading and custody providers.

Following the crypto market turmoil in 2022, regulators in Israel have been warning the public and institutions about the risks involved with digital assets. Earlier this month, the country's markets regulator issued a warning against unlicensed crypto exchanges, and on Sunday, the Bank of Israel warned local banks and credit card companies of the risks of engaging with crypto companies.

TASE said its proposal to cover crypto trading for nonbanks is an attempt to meet the growing demand for crypto while mitigating risks "that are inherent" in crypto activity.

A strategy document from October showed TASE was looking to set up a blockchain-based digital-asset trading platform.

Read more: Tel Aviv Stock Exchange to Set Up Platform for Digital Assets