The Capital Markets, Insurances, and Savings Authority (CMISA) have granted Hybrid Bridge Holdings Ltd. a permanent license to transact in digital assets in Israel. As a result of the decision, the country’s regulator is committed to promoting virtual assets.
According to sources who say it has already undergone KYC and AML regulations, the organization is building infrastructure to link fiat currencies with virtual currencies. However, hybrid Bridge has not yet disclosed what digital asset business it plans to operate.
What Else Will Be Provided?
Globes reported that Moshe Barkat’s organization would also provide permanent licenses to many companies soon. However, companies are inspected rigorously, so untrained service providers cannot take part.
New Central Bank Of Egypt (CBE) Law To License Crypto Trading… https://t.co/KXMdAJdEwq
— Crypto by Devvie (@devnullius) May 28, 2019
The CMA examines all consumer risks as part of its licensing process, paying special attention to the following four categories: financing of terrorism, technical issues, operations risks, and customer protection. A financial operator license has already been granted to Hybrid Bridge Holdings, founded in 2021. In addition to Mohik Teumim and Har-Tov Ido, Gitam B.D.O. holds a substantial stake in the company.
According to the Capital Markets Authority, Binance has temporarily suspended marketing to Israelis and all Israel-specific activities while we study licensing issues.
Egypt rules crypto license requirement for future projects https://t.co/9jO3FbpXlM
— CoinLook (@CoinLook) May 29, 2019
Israeli officials are considering using a (CBDC) to address the problem of virtual currency suppliers (CBDC). As a result, digital shekels are attracting strong interest, as evidenced by a Bank of Israel poll.
In establishing the CBDC, the Bank of Israel intends to use a two-tier approach, with commercial banks representing the public sector and the banking regulator liaising with the private sector. Digital shekels will be issued through distributed ledgers to encourage transparency and inclusion, and prevent the ” crypto-ization ” of the economy.