The Insurance and Savings Capital Market Authority in Israel granted Bits of Gold a “crypto financial service provider license”. This is the first such license to an active company in the country. Bits of Gold can now offer crypto custodian and safekeeping services to customers.
Bits of Gold was granted a “crypto financial service provider license” by Israel’s Insurance and Savings Capital Market Authority. This is a first for Israel. It will allow Bits of Gold to offer custodian services and also allow its retail customers to keep their funds safe and insured via a wallet application. The application will launch sometime in October.
Bits of Gold are the first crypto firm to be given this type of license in Israel
After nearly five years of waiting, Bits of Gold finally received the license. The 2016 amendment to the law means that the ISACA can issue operating licenses for crypto entities.
Following the announcement, Bits of Gold’s chief executive officer (CEO), Youval Rouach stated:
Our technology allows financial institutions and banks to connect easily to crypto for their clients. Bits of Gold Connect, an exciting new development, has been in the works for over 2 years.
It allows banks, fintech companies, and financial institutions in Europe, as well as Israel, to connect with our infrastructures and offer diverse crypto solutions to their clients. Simply put, it is a way for customers to buy, trade, and hold cryptocurrency in a safe, controlled, and easy way.
Bits of Gold had a “currency services provider” permit for several years before it was granted its ISACA-issued license. This permit was modified to a “business continuation permit” in 2018. Bits of Gold held this permit until 2018, when it was granted the ISACA-issued license.
Bits of Gold stated that the ISACA-issued license, along with “the Bank of Israel recent Orders”, will allow Bits of Gold to solve banking problems that Israeli crypto owners have faced for years.