Israeli Exchange Bits of Gold Granted License

One of the first licences for exchanges that target bitcoin financial services providers was given to local cryptocurrency exchange Bits of Gold by Israel’s main market regulator.

According to recent reports, Bits of Gold will be allowed to collaborate with regional banks and financial institutions using the licence from the Capital Markets Authority. Regulators in the nation have been working for some time to open the door for reticent local banks to begin working with cryptocurrencies.

“With the license and the Bank of Israel’s recent orders we will be able to resolve most of the bank issues,” the company said in a press statement.

Early in September, the markets regulator gave Hybrid Bridge Holdings (HBH), a different private company, Israel’s first cryptocurrency licence. Later, CEO Giyora Ran mentioned during an interview that HBH is developing a cryptocurrency custody and exchange platform, though it’s not clear if it has a finished product at this time.

According to a written statement from the business, Bits of Gold, which was established in 2013 and is an active member of the local cryptocurrency community, is now the first established local business to do so.

The licence application was submitted in 2018. Bits of Gold intends to develop a platform that would let local and European banks and fintech companies sell cryptocurrency to customers. The company intends to begin providing cryptocurrency custody services through its new digital wallet starting the following month.