- After two years of auditing, Bits of Gold has received a license to issue a shekel-backed stablecoin.
- This will be the first such asset in Israel.
- While authorities are developing regulations for digital assets, Bits of Gold will operate under strict government supervision.
Israel authorized release Bits of Gold, the first shekel-backed stablecoin, launched its first stablecoin, BILS. Bits of Gold’s license as a financial asset services provider was issued after a review process lasting approximately two years.
According to the authorities, the issue will be limited in quantity under predetermined conditions while legislation regarding stable cryptocurrencies is being developed.
The permit was issued following a pilot project conducted within the regulatory sandbox. Within this framework, the company tested its ability to produce stablecoin, manage it under supervision, protect clients’ assets and comply with reporting standards.
Steyblecoin will be pegged to the Israeli shekel at a 1:1 ratio. Reserve assets providing token, will be stored domestically in designated accounts. Regulators also require guarantees so that holders can exchange token to fiat currency at any time.
The oversight conditions include strict requirements for technology risk management, cybersecurity measures, business continuity planning, and prompt reporting of significant incidents.
TokenThe shekel-backed currency is designed to support blockchain transactions, including transfers, interbank settlements, and digital asset trading. This infrastructure is expected to speed up accounting processes between organizations and support the development of additional financial services built on the blockchain.
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