Israel Approves First Shekel-Backed Stablecoin BILS Launch
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Israel approves first shekel-backed stablecoin BILS after a two-year pilot; Bits of Gold to issue a 1:1 shekel-backed token with reserves held in Israeli accounts. Limited rollout begins under strict oversight while regulators prepare a broader stablecoin law and onshore reserve custody rules. Regulatory clarity boosts crypto adoption, supports the token launch and institutional trust for DeFi/CeFi use cases and stablecoin utility.
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- Israel approves first shekel stablecoin after two-year pilot with strict oversight rules.
- Bits of Gold will issue a 1-to-1 backed token with reserves held in Israeli accounts.
- Limited rollout begins as regulators prepare broader stablecoin law framework.
Israel has authorized the issuance of its first shekel-backed stablecoin, BILS, marking a new phase in the country’s approach to digital asset oversight. The approval was granted to Bits of Gold, a licensed financial asset service provider, following a review process that lasted about two years and included a regulatory pilot.
Authorities confirmed that the rollout will begin on a limited scale under predefined conditions, allowing operations to proceed while broader legislation on stablecoins remains under development.
Pilot Program and Regulatory Framework
The authorization follows a formalized pilot cond…
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