Bits of Gold was finally granted the crypto license by the regulator after nearly five years of waiting. cryptoregulation fintech
In what has been described as a first in Israel, the country’s capital markets regulator, the Insurance and Savings Capital Market Authority recently granted Bits of Gold a “crypto financial services provider license.” This license enables the crypto exchange platform to “offer custodian services” as well as to allow “its retail customers to keep their funds safely and insured” via a wallet application that will be launched sometime in October.
According to a statement, Bits of Gold was finally granted the license by the regulator after nearly five years of waiting. An amendment to the law in 2016 means the ISACA can now issue operating licenses to crypto entities.Using our technology, banks and financial institutions will easily connect to what crypto has to offer for their clients. Bits of Gold Connect is an exciting development we’ve been working on for 2 years.
Before being granted the ISACA-issued license, Bits of Gold held a “currency service provider” permit since 2013. However, in 2018 this permit was changed to a “business continuation” permit, which the crypto exchange platform held before being granted the latest license. Meanwhile, in the statement, Bits of Gold claimed that with the ISACA-issued license and “the Bank of Israel recent orders” the crypto exchange platform will now be able to resolve banking problems that Israeli crypto holders have encountered for years.
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