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.
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 integrates its services with legacy finance in the region.
The Israeli Insurance and Savings Capital Market Authority (ISCMA) has granted cryptocurrency exchange Bits of Gold the first virtual asset service provider (VASP) license in the country, per a press release sent to Bitcoin Magazine.
In 2016, a new law was passed requiring the ISMCA to grant licenses for 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 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.
Furthermore, following the approval, the exchange plans to launch its custodial service, Bits of Gold Wallet, which will be insured. Additionally, the company will launch Bits of Gold Connect, a system of integrations which will allow fintechs, banks and other institutions to offer their clients access to bitcoin or cryptocurrencies via Bits of Gold.
“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,” said Youval Rouach, CEO of Bits of Gold.