Israel Grants Its First Bitcoin and Cryptocurrency Trading License to Local Exchange Gold Bit

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  • Israeli regulators have granted Bits of Gold its first VASP license after 5 years of waiting.
  • The company will soon release two new products.
  • One of the products will be a depository and the other will integrate its services with the funding inherited from the region.

According to a press release sent to Bitcoin Magazine, the Israel Savings and Insurance Market Authority (ISCMA) has granted Bits of Gold the first Virtual Asset Service Provider (VASP) license in the country.

In 2016, a new law was passed requiring the ISMCA to license these service providers. After almost five years of waiting, Bits of Gold has become the only active company holding this license.

Following the entry into force of the law, the Bank of Israel (BOI) began issuing new procedures for operating within the bitcoin and crypto ecosystem. Bits of Gold will now be able to more easily transact on legacy financial infrastructure through one of these procedures, which require banks to interact with “crypto-generated transactions” from licensed entities, depending on the issue.

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In addition, after approval, the exchange plans to launch its custodial service Bits of Gold Wallet, which will be insured. In addition, the company will launch Bits of Gold Connect, an integration system that will allow fintech companies, banks and other institutions to offer their customers 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! This allows banks, fintech companies and financial institutions in Europe and Israel to connect to our well-established infrastructure and offer their customers various crypto solutions, simply put, a way to buy, sell and store cryptocurrencies in an easy and secure way. and regulated,” said Yuval Ruash, CEO of Bits of Gold.

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