Bits of Gold became the first crypto firm in the country to receive a license from the Capital Markets Authority, according to social media posts from the company on Sunday.
As a result of attaining the license, Bits of Gold will be able to store digital currencies through secured custody in a “Bits of Gold Wallet” they have been working on for some time. It will also start providing a service that enables banks and other financial institutions to connect to its digital asset services.
In a public statement, Bits of Gold said that the license is the next step in its mission to make the world of digital currencies more accessible to the Israeli public in a simple and secure manner.
Authorities in Israel have been putting restrictions on cash payments in the country as it tries to combat illegal activity and drive a transition to digital payments within the country.
Despite that, institutional adoption in the country has been slow with Israeli banks having been very unfriendly toward crypto and blocking services until recently, citing Anti-Money Laundering (AML) issues.
