Over the years, the embrace of cryptocurrency has seeped into the economies of several nations. In 2021, El Salvador made history as the first nation on Tuesday to recognize Bitcoin as a legal tender, enabling its usage in any transaction, from payments to filing taxes. This development spurred a significant amount of support for crypto in other nations. This reality has now manifested as capital market licenses for a country like Israel through their crypto exchanges.
Bits of Gold, an Israeli cryptocurrency exchange that targets crypto financial-services companies, has been awarded one of the first licenses by Israel's leading market authority for exchanges.
Based on a media statement released by CoinDesk, Bits of Gold will be allowed to collaborate with regional banks and financial institutions with the help of a license from the Capital Markets Authority. Authorities in the nation have been working for a while to open the door for reticent local banks to begin working with cryptocurrencies.
See Also: IRS to summon users who don't report and pay tax on crypto transactions
The company also revealed that the license and recent instructions from the Bank of Israel would resolve most of the bank's concerns.
Earlier in September, the market regulator gave Hybrid Bridge Holdings (HBH), a different private company, Israel's first cryptocurrency license. Afterward, CEO Giyora Ran informed the regional news organization Globes that HBH is developing a cryptocurrency custody and exchange platform. However, it's not clear if it possesses a finished product at this time.
This development affirms the history made by Bits of Gold as the first established business to get the license. The company was established in 2013 and was an active member of the local cryptocurrency community; it submitted a licensing application in 2018.
There's a platform in the works by Bits of Gold that will allow regional and European banks and fintech companies to sell cryptocurrency to customers. Beginning next month, the company plans to start providing cryptocurrency custody services through its new digital wallet.
Only a few words can describe how much of a feat this is for the Israeli crypto community and communities worldwide. Can you predict other nations in line for this license? Let's hear them in the comments section.
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