The Israeli Regulatory Authority Approves Launch of Stablecoin Pegged to Shekel

BlockBeats News, April 28th, the Israel Securities Authority, Insurance, and Savings Authority has approved the launch of a Shekel-backed stablecoin by the virtual asset trading platform Bits of Gold.

The regulatory body stated in a Monday announcement that after a two-year pilot project, it has approved the stablecoin named BILS to go live, operating on the Solana blockchain.

According to the announcement, the stablecoin's reserve assets will be held in a "designated and segregated account" within Israel. This initiative is also part of Israel's Tax Authority and Ministry of Finance efforts to regulate the cryptocurrency industry, including allowing specific stablecoin operations.