Israeli regulators approve shekel-pegged stablecoin BILS for launch
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Israeli regulators approve shekel-pegged stablecoin BILS for launch
According to Cointelegraph, Israel’s Authority for Capital Markets, Insurance, and Savings has approved the virtual asset trading platform Bits of Gold to launch BILS, a stablecoin pegged to the Israeli shekel. BILS previously completed a two-year pilot on the Solana blockchain. Per the announcement, BILS reserve assets will be held in designated, segregated accounts within Israel. This initiative is also part of the Israel Tax Authority and Ministry of Finance’s efforts to establish a regulatory framework for the crypto industry, specifically covering certain stablecoin activities.
Navigating Web3 tides with focused insightsTechFlow News, April 28: According to a Cointelegraph report, Israel’s Authority for Capital Markets, Insurance, and Savings has approved the virtual asset trading platform Bits of Gold to launch BILS, a stablecoin pegged to the Israeli shekel. BILS previously completed a two-year pilot on the Solana blockchain.
According to the announcement, BILS’s reserve assets will be held in designated, segregated accounts within Israel. This initiative is also part of broader efforts by the Israel Tax Authority and the Ministry of Finance to establish a regulatory framework for the cryptocurrency industry, specifically covering certain stablecoin activities.
