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Gate News, April 28 — Israel's capital markets, insurance, and savings regulators have approved the virtual asset trading platform Bits of Gold to launch BILS, a stablecoin pegged to the new Israeli Shekel (ILS).
Before receiving official approval, the stablecoin completed a two-year pilot on the Solana blockchain.
BILS reserves will be held in designated independent accounts within Israel.
The project is part of a broader initiative by Israel's tax authorities and Ministry of Finance to establish a regulatory framework for the crypto industry, including specific provisions for stablecoin activities.