Israeli Crypto Exchange Becomes First to Receive Capital Markets License 

Created By Jyotish

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

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

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

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

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

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

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