- The Israeli regulator issues the first VASP license for Bits of Gold after 5 years of waiting.
- The company will launch two new products in the near future.
- One of the products will be monitored while the other integrates its services with legacy financing in the region.
The Israel Insurance and Savings Capital Markets Authority (ISCMA) has granted a license to cryptocurrency exchange Bits of Gold, the country’s first virtual asset service provider (VASP) license, according to an announcement. press report submitted to Bitcoin Magazine.
In 2016, a new law was passed requiring ISMCA to license these service providers. After almost 5 years of waiting, Bits of Gold is now the only operating company with this license.
Following the enactment of the law, the Central Bank of Israel (BOI) began to issue new processes to operate within the bitcoin and cryptocurrency ecosystem. Bits of Gold will now be able to transact in legacy financial infrastructure much more easily thanks to one of the processes that requires banks to interact with “crypto-rooted transactions” from crypto-currency exchanges. licensed entity, according to the release.
Furthermore, once approved, the exchange plans to launch its custodian service, Bits of Gold Wallet, which will be covered. In addition, the company will launch Bits of Gold Connect, an integrated system that allows fintechs, banks and other institutions to provide their customers with access to bitcoin or cryptocurrencies through Bits of Gold.
“Bits of Gold Connect is an exciting development that we have been working on for 2 years! It allows 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, simply put, is a way to buy, sell and hold cryptocurrencies easily, securely and in a regulated way,” said Youval Rouach, CEO of Bits of Gold.