• Temporarily Unavailable

Capital Markets Authority grants a license to an Israeli cryptocurrency exchange

Gus – Cryptocurrency expert

The Capital Markets Authority has awarded Bits of Gold, the leading trading cryptocurrency exchange in Israel, a license, making it the first crypto company in the nation to do so.

Bits of Gold published a status update on Facebook expressing its joy at becoming the first licensed business in the nation under the Capital Markets Authority.

As a result of receiving authorization, Bits of Gold is now able to hold digital currencies safely in the "Bits of Gold Wallet." In order for them to access the firm's digital assets, the corporation would also establish connections with the nearby banks and other financial institutions.

Recently, Bits of Gold said that the business has been making consistent efforts to increase Israelis' access to the realm of digital money. The license, the corporation continued, was a component of this endeavor, enabling "easy and safe access" for the general public to the cryptographic world.

In order to lower crime, money laundering, and tax evasion, the Bank of Israel previously imposed restrictions on cash payments, prohibiting "payments of substantial quantities of money in cash and bank checks."

The Tax Authority's (ITA) Tamar Bracha, who oversees law enforcement, recently stated that restricting cash "is to minimize cash mobility in the market, primarily because crime groups prefer to rely on cash." According to Bits of Gold, the bank's proposed licensing and rules will assist to address all of the bank-related problems.

If we go back in time, it is clear that the institutional adoption of Israeli banks was quite restricted, and due of the Anti-Money Laundering (AML) concerns, the government was highly hostile to the crypto market investment businesses. In 2017, Bits of Gold could not legally be refused any business by the bank Leumi.

2019 saw a modification in the Supreme Court's ruling, which said that the bank could no longer restrict Bits of Gold. Furthermore, the nation promoted closer collaboration between banks and cryptocurrency businesses with the implementation of new AML standards. The requirement that the businesses get licenses was also taken into consideration.

If you would like to get ahead into Cryptocurrency trading, you can use a trusted cryptocurrency broker – BCBitcoin. You can buy and sell cryptocurrency on their platform using credit cards or any bank transfer. It offers cheap cryptocurrency and small fees.

We use cookies to better provide our services. By using our services, you agree toour use of cookies.