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Crypto Exchange Bits of Gold Secures Capital Markets License From Israeli Regulator – crypto.news

Crypto Exchange Bits of Gold Secures Capital Markets License From Israeli Regulator – crypto.news

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Israel-based crypto trading and brokerage firm Bits of Gold announced that it has received a license from the Capital Markets, Insurance and Savings Authority, Israel’s financial regulatory authority.

Bits of Gold gets green light from Israeli regulator

According to Bits of Gold’s social media posts on Sunday, the Israel-based crypto exchange became the country’s first crypto company to be granted a license by the Capital Markets Authority.

As a result of obtaining the license, Bits of Gold will be able to store digital currencies through secure storage in the “Bits of Gold Wallet”, which they have been developing for some time. It is also starting to offer a service that allows banks and other financial institutions to connect to its digital asset products.

Bits of Gold said in a public statement that the license represents the next step in its mission to make digital currencies more accessible to the Israeli public in a “simple and secure way.”

Israeli authorities have imposed restrictions on cash payments to curb illegal activity and accelerate the country’s transition to digital payments.

Despite this, institutional acceptance has been delayed in the country, and Israeli banks have previously resisted crypto and blocking services, citing anti-money laundering (AML) concerns.

In 2017, Israel’s Supreme Court ruled that local bank Leumi was legally allowed to refuse Bits of Gold’s service, arguing that the nature of Bitcoin (BTC) made it impossible to comply with AML rules.

However, the Supreme Court’s view had changed by 2019, when it ruled that Leumi could not block Bits of Gold’s account due to regulation, setting a precedent for other cryptocurrency businesses.

Israel’s strict crypto tax practices

The Israeli government’s implementation of new AML regulations has paved the way for cooperation between banks and the crypto industry. The development also obliged crypto companies to obtain a license, although companies that requested it were granted a temporary license to continue operating.

Israel’s tax policy is an additional barrier to institutional adoption. The country was recently listed as the third worst country for crypto taxation according to a report published by crypto analytics company Coincube on September 8.

According to Coincubi, the sale of cryptocurrencies in Israel is normally subject to a capital gains tax of up to 33 percent, and if the investment activity is considered business-related, it is subject to an income tax of up to 50 percent.

While Israel’s Financial Markets Authority had already granted Israel’s first crypto license to infrastructure company Hybrid Bridge Holdings earlier this month, Bits of Gold is the first active broker to receive the license.

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