Bits of Gold obtained a license to operate as a virtual asset service in the United States for the first time in 2016 after a legislative framework revision.
According to a press statement given to Bitcoin Magazine, the Israeli Insurance and Savings Capital Market Authority (ISCMA) has awarded Bits of Gold the first virtual asset service provider (VASP) license in the nation.
In 2016, a new law was enacted mandating that the ISMCA issue licenses to these service providers. After almost five years of waiting, Bits of Gold is the only operating firm to possess this license.
Following the enactment of the legislation, the Bank of Israel (BOI) started publishing new operating guidelines for the bitcoin and cryptocurrency ecosystem. A method requiring banks to connect with “crypto-originated transactions” from licensed businesses will now make it far simpler for Bits of Gold to trade inside the traditional financial system.
In addition, pending permission, the exchange intends to offer its insured custody service, Bits of Gold Wallet. In addition, Bits of Gold will develop Bits of Gold Connect, a system of connections that will enable fintechs, banks, and other institutions to provide their customers access to bitcoin or cryptocurrencies through Bits of Gold.
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