Digital Asset Exchange Platform Granted ‘Crypto Financial Services Provider License’ by Israeli Regulator

Digital Asset Exchange Platform Granted "Crypto Financial Services Provider License" by Israeli Regulator

An Israeli capital markets 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 offer crypto custodian services and to enable the safekeeping of funds belonging to retail 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 “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.

In remarks following the announcement, Bits of Gold chief executive officer (CEO) Youval Rouach said: 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. It enables banks, fintech companies and financial institutions in Europe and in Israel, to connect to our well-established infrastructures, and offer their clients diverse crypto solutions, simply put, a way to buy, sell, and hold cryptocurrencies in an easy, safe and regulated way.

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. Tags in this story bank of israel, bits of gold, Capital markets, crypto exchange, crypto solutions, Fintech, Insurance and Savings Capital Market Authority (ISACA), Regulations, Youval Rouach

What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. UK Proposes New Law to "Seize, Freeze and Recover" Crypto Assets Easier and Faster REGULATION | 21 hours ago Brazilian Federal Police Launch Operation Colossus, 6 Cryptocurrency Exchanges Involved REGULATION | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCryptocurrency Exchange Bitso Launches Interoperable QR Payments in Argentina Next articleFlynt Launches Industry’s Highest Yield Product on Bitcoin Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design