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Israeli crypto exchange Bits of Gold received a license from the regulator

Crypto exchange Bits of Gold wants to dispel prejudices about cryptocurrencies in Israel, both from the public and from institutional organizations.

Cryptocurrency exchange Bits of Gold has announced that it has received a license from the Israeli regulator, the Capital Markets Authority (CMISA). The license will allow the exchange to store digital currencies using its custodial wallet, which will reportedly make storage more secure. The company will also begin to provide services that will allow banks and financial institutions to connect their own services related to digital assets.

According to Bits of Gold, they want to make the world of digital currencies much more secure and convenient for Israelis. However, despite this, the institutional adoption of cryptocurrencies in the country is still moving slowly as Israeli banks do not trust cryptocurrencies and blockchain services, citing money laundering (AML) issues. The license will come into force from October. The Bits of Gold wallet will be available shortly thereafter, CEO Yuval Roash says:

“Already in 2013, we realized that digital currencies could reach the general public only through regulation. For years, we have spoken the language of regulators and operated under conservative money laundering laws that others learn from us. The license will allow us to significantly expand the range of services we provide to our clients.”

Previously, CMISA issued a license to Hybrid Bridge Holdings Ltd to conduct digital asset transactions in the country.

Source: Bits

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