Israeli cryptocurrency exchange Bits of Gold has been the first to receive a Capital Markets license from the Israeli markets regulator.
The license targets crypto financial service providers in the country and now Bits of Gold can work with financial institutions and local banks.
After a four-year wait since applying for the license in March 2018, Bits of Gold, which was founded in 2013, is the first local industry and crypto company to obtain the license.
The company plans to launch a platform for fintech firms and local European banks to offer its clients crypto custody services and crypto for purchase through its new digital wallet starting next month.
Israeli regulators have been working for some time on building the foundation between its local banks and crypto interaction.
“With the license and the Bank of Israel's recent orders we will be able to resolve most of the bank issues”, the company said.
In September, the markets regulator granted its first crypto license to private company HyBrid Bridge Holdings (HBH). However, although the company has obtained the license with the goal to build a crypto custody and exchange platform, there has not been any conversation surrounding the next steps.