Israeli regulators approve the launch of the shekel-pegged stablecoin BILS

According to Cointelegraph, the Israeli Capital Market, Insurance and Savings Authority has approved the virtual asset trading platform Bits of Gold to launch a stablecoin BILS pegged to the Israeli shekel.

This stablecoin has previously completed a 2-year pilot on the Solana blockchain. According to the announcement, the reserve assets of BILS will be held in designated independent accounts within Israel. The project is also part of the regulatory framework for the cryptocurrency industry promoted by the Israeli Tax Authority and the Ministry of Finance, covering specific stablecoin activities.