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The Israeli Insurance and Savings Capital Market Authority (ISCMA) has granted cryptocurrency exchange Bits of Gold, the country’s first virtual asset service provider (VASP) license, per a press release sent to Frances’s blog
- Israeli regulators grant the first VASP License to Bits of Gold after 5 years of waiting.
- The company is launching two new products in the near future.
- One of the products will be custodial while the other integrate with legacy finance in the region
In 2016, a new law was passed requiring the ISMCA to grant these service providers licenses. After waiting almost five years, Bits of Gold is now the only active company to hold this License
Following the law’s introduction, the Bank of Israel (BOI) began to release new procedures to operate within the bitcoin and cryptocurrency ecosystem. Now, Bits of Gold will be able to transact within the legacy financial infrastructure far easier thanks to one of those procedures requiring banks to interact with “crypto-originated transactions” from Licensed entities, per the release.
After a legal framework revamping in 2016, Bits of Gold became the country’s first active company to secure licensing to operate as a virtual asset service.
Furthermore, Following the approval, the exchange plans to launch its custodial service, Bits of Gold connect, a system of integrations that will allow fintech, banks, and, other institutions to offer their clients access to bitcoin or cryptocurrencies via Bits of Gold.
In conclusion, “Bits of Gold Connect is an exciting Development we’ve been working on for 2 years now, 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 regulated way,” Said Youval Rouach, CEO of Bits Gold.