Israeli Crypto Exchange Becomes First to Receive Capital Markets License

The Capital Markets Authority granted a licence to Bits of Gold, an Israeli-based cryptocurrency exchange,

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Bits of Gold will be able to store digital currencies through secured custody in a “Bits of Gold Wallet”

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Authorities in Israel restricts cash payments to combat illegal activity & also encourage digital payments within the country

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Israeli Supreme court ruled that local bank Leumi was legally allowed to refuse service to Bits of Gold

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However, the Supreme Court’s position had changed by 2019, allowing Leumi to offer service to Bits of Gold’s Accounts

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The Israeli government's implementation of new AML legislation significantly widened the door for collaboration between banks and the cryptocurrency sector

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However, there is a another hurdle to institutional adoption in Israel and that is its taxation laws.

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