Israeli-based crypto exchange 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...
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