Israeli Exchange Bits of Gold Grants Crypto Financial Services Provider License

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. 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, according to the company. 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.