Israel’s capital markets regulator, the Insurance and Savings Capital Market Authority, recently issued a “license to provide crypto financial services” to Bits of Gold, the first such license for a company operating in the country. This license allows Bits of Gold to provide cryptocurrency custodial services and enables the safe keeping of funds belonging to retail customers.
Amendment of Israeli law
In what has been described as a first in Israel, the country’s capital markets regulator, the Insurance and Savings Capital Markets Authority (ISACA) recently granted Bits of Gold a “license to provide providing electronic money financial services”. This license allows the cryptocurrency exchange platform to “provide custodial services” as well as to allow “retail customers to keep their funds safe and insured” through a wallet application that will issue eyes in October.
According to a statement, Bits of Gold has finally been licensed by the regulator after almost 5 years of waiting. Amendments to the law in 2016 mean that ISACA can now issue licenses to crypto entities.
In comments following the announcement, Bits of Gold CEO Youval Rouach said:
Using our technology, it will be easier for banks and financial institutions to connect with what cryptocurrency has to offer their customers. Bits of Gold Connect is an exciting development we’ve been working on for 2 years. It enables banks, fintech companies and financial institutions in Europe and in Israel, to connect to our well-established infrastructure and provide their customers with crypto solutions. Diversification is, simply put, a way to buy, sell, and hold cryptocurrencies in an easy, safe, and regulated way.
Prior to being licensed by ISACA, Bits of Gold had had a “money service provider” license since 2013. However, in 2018, this license was changed to a “continued” license. business”, which the crypto exchange platform held prior to the latest issuance of the license.
Meanwhile, in the statement, Bits of Gold stated that with the license issued by ISACA and “recent orders from the Bank of Israel”, the crypto exchange platform will now be able to solve the problems. banking problem that Israeli crypto owners have had for years.
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