In a big step for institutional adoption of crypto in Israel, a local exchange has received a license enabling banks to use its services.
Israeli-based crypto exchange Bits of Gold became the first crypto firm in the country to receive a license from the Capital Markets AuthorityAs 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 their mission to make the world of digital currencies more accessible to the Isreali public “in a simple and secure manner.”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 Isreali banks having been very unfriendly towards crypto and blocking services until recently, citing Anti-Money Laundering issues.to Bits of Gold, with the bank claiming that Bitcoin’s nature made it impossible for them to follow ALM requirements.by 2019 however, when it ruled that Leumi could not block Bits of Gold’s account based on regulatory concerns, and in doing so set a precedent for other cryptocurrency firms.
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