JERUSALEM, July 4 (Xinhua) -- Israeli Tax Authority has reached an agreement with the country's largest Bitcoin company, in which it will report the authority transfers over 50,000 U.S. dollars, the Hebrew-language economic website "Calcalist" reported Wednesday.

As part of its efforts to prevent money laundering, the Tax Authority signed the agreement with "Bits of Gold," a platform for the purchase of Bitcoin and Ethereum in exchange for Israeli currency.

The agreement was reached after the Tax Authority recently conducted an audit in Bits of Gold offices in the city of Tel Aviv, to locate customers who made large transactions.

The Tax Authority is expected to contact other cryptographic companies and platforms to try to reach similar agreements with them.