On April 28, the Israeli Capital Market, Insurance and Savings Authority approved the virtual trading platform Bits of Gold to launch a stablecoin linked to the shekel. The regulatory body announced on Monday that it has approved the launch of the stablecoin named BILS after a two-year pilot project. This stablecoin will operate on the Solana blockchain. According to the announcement, the reserve assets for the stablecoin will be held in "designated and independent accounts" within Israel. This project is also part of the Israeli Tax Authority and Ministry of Finance's efforts to regulate the cryptocurrency industry, including allowing specific stablecoin operations.
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Israeli Regulatory Authority Approves Launch of Shekel-Linked Stablecoin
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