Bits of Gold is the first crypto exchange in Israel to receive a license to work with banks

According to reports from the company's representative office, the platform received a license from the Capital Markets Authority dated September 18.

As a result of the license, Bits of Gold will be able to store digital currencies in secure storage in the "Bits of Gold Wallet," which they have been working on for some time.

Israeli authorities are imposing restrictions on cash payments in the country to combat illegal activity and encourage the transition to digital payments in the country.

Israeli banks have until recently been very unfriendly toward cryptocurrencies and blockchain services, citing anti-money laundering concerns (an English term one might often encounter is AML).

Although the recent adoption of new AML regulations by the Israeli government has further paved the way for cooperation between banks and the crypto industry.