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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 reported,that it managed to obtain 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 providing services that will allow banks and financial institutions to connect their own services related to digital assets.
As Bits of Gold states, they want to dothe world of digital currencies is 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 blocking services, citing money laundering (AML) concerns. The license will come into force in October. The Bits of Gold wallet will be available shortly thereafter, says company CEO Yuval Roash:
“Already in 2013, we realized that digitalcurrencies will be able to reach the general public – only through regulation. For years we have been speaking the language of regulators and operating 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
Hybrid Bridge Holdings Ltd has a license to conduct operations with digital assets in the country.