Israeli Exchange Bits of Gold Becomes First Crypto Firm to Receive Capital Markets License

The firm will now be able to work with local bank and financial institutions.

AccessTimeIconSep 22, 2022 at 11:59 a.m. UTC
Updated Sep 22, 2022 at 3:31 p.m. UTC

Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto.

Israel's top markets regulator has granted local cryptocurrency exchange Bits of Gold one of its first licenses for exchanges that target crypto financial-services providers.

With the license from the Capital Markets Authority, Bits of Gold will be able to work with local banks and financial institutions, according to a press release shared with CoinDesk. Regulators in the country have been for some time attempting to clear the way for reluctant local banks to start interacting with crypto.

"With the license and the Bank of Israel recent orders we will be able to resolve most of the bank issues," the company said in a press statement.

The markets regulator already granted Israel's first crypto license to another private company called Hybrid Bridge Holdings (HBH) in early September. CEO Giyora Ran later told local news outlet Globes that HBH is building a crypto custody and exchange platform, but it's unclear if it has a working product yet.

This makes Bits of Gold, which was founded in 2013, the first local industry veteran and active crypto company to obtain the license, the company told CoinDesk in a written statement. It applied for the license in 2018.

Bits of Gold is planning to launch a platform that will enable local and European banks and fintech firms to offer clients crypto for purchase. The firm also wants to start offering crypto custody services through its new digital wallet starting next month.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto.

CoinDesk - Unknown

Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC