Digital Asset Exchange Platform Granted ‘Crypto Financial Services Provider License’ by Israeli Regulator – Regulation Bitcoin News
An Israeli capital market regulator, the Insurance and Savings Capital Market Authority, recently granted a “crypto-financial services provider license” to Bits of Gold, the first such license for an active company in the country. This license allows Bits of Gold to provide crypto custody services and enable safekeeping of funds belonging to private customers.
Amendment of Israeli laws
In what has been described as a first in Israel, the country’s capital markets regulator, the Insurance and Savings Capital Market Authority (ISACA) recently granted Bits of Gold a “crypto-financial services provider license.” This license enables the crypto exchange platform to “provide custody services” as well as allow “its customers to keep their money safe 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 almost five years of waiting. A change in the law in 2016 means that ISACA can now issue operating licenses to crypto entities.
Commenting after the announcement, Bits of Gold CEO Youval Rouach said:
Using our technology, banks and financial institutions will easily connect to what crypto has to offer for their customers. Bits of Gold Connect is an exciting development we have 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 infrastructures and offer their customers various crypto solutions, simply put, a way to buy, sell and hold cryptocurrencies in an easy and secure way . and regulated manner.
Prior to 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 had prior to being granted the latest permit.
Meanwhile, in the statement, Bits of Gold claimed that with the ISACA-issued license and “Bank of Israel recent orders”, the crypto exchange platform will now be able to solve banking problems that Israeli crypto holders have faced for years.
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