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- Israeli regulators grant first VASP license to Bits of Gold after 5 years of waiting.
- The company will soon launch two new products.
- One of the products will be a depository while the other integrates its services with the financing inherited from the region.
Israel’s Insurance and Capital Savings Market Authority (ISCMA) has granted cryptocurrency exchange Bits of Gold the first virtual asset service provider (VASP) license in the country, according to a press release sent to Bitcoin Magazine.
In 2016, a new law was passed requiring the ISMCA to license these service providers. After waiting almost five years, Bits of Gold is now the only active company to hold this license.
Following the introduction of the law, the Bank of Israel (BOI) began issuing new procedures for operating within the bitcoin and cryptocurrency ecosystem. Now, Bits of Gold will be able to transact within the legacy financial infrastructure much more easily through one of these procedures requiring banks to interact with “crypto-generated transactions” from licensed entities, depending on the release. .
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Additionally, after approval, the exchange plans to launch its custody service, Bits of Gold Wallet, which will be insured. Additionally, the company will launch Bits of Gold Connect, a system of integrations that will allow fintechs, banks and other institutions to offer their customers access to bitcoin or cryptocurrencies through Bits of Gold.
“Bits of Gold Connect is an exciting development that we have been working on for 2 years! It allows banks, fintech companies and financial institutions in Europe and Israel to connect to our well-established infrastructures and offer their customers various crypto solutions, in simple terms, a way to buy, sell and hold cryptocurrencies in an easy and safe way. and regulated,” said Youval Rouach, CEO of Bits of Gold.