- Israel gave the Capital Market License to the country’s crypto exchange, “Bits of Gold.”
- This will enable the crypto exchange to work with the local banks and financial institutions.
On September 18, 2022, “Bits of Gold” shared a social media post in which the firm gave the information about its capital market license. Due to this, the exchange will now be able to collect the digital currencies into its “Bits of Gold Wallet.” Additionally, the local banks and financial institutions can come-up with the digital asset service of “Bits of Gold.”
Mission of “Bits of Gold”
“Bits of Gold” expressed its future prospects for the Israel localites. The exchange stated in a public statement that it will provide more accessibility of digital currencies to the local people in “a simple and secure manner.” It added “With the License and the Bank of Israel recent orders we will be able to resolve most of the bank issues.”
Bit of Gold will launch its platform that will allow local and European banks, and the financial institutions to make an offer for the purchase of digital currencies that are owned by clients.
On the other hand, the Israel authorities are now restricting the cash payments in the country to decrease illegal activities. This will also make the transition from cash payments to more digital payments.
Crypto Adoption in The Country
Israel authorities may lead towards the crypto adoption in the country, but the local financial institutions and banks don’t seem so. The local banks cited the issues of Anti-Money Laundering (AML) for crypto and blocking services. As in 2017, the Israel bank, Leumi, claimed that the nature of Bitcoin made it impossible to follow the AML requirements hence Israel Supreme Court legally allowed the bank to deny the service offered by Bits of Gold.
But in 2019, the Israel Supreme Court made the change in its rule and in November 2021 the government came with an upgrade in its rules to adopt new AML rules for crypto.