South Africa: Sygna to Launch Cryptocurrency Exchange
A major investment firm in South Africa, Sygnia Asset Management, has reported that it will be launching a cryptocurrency exchange in this year
Business Tech, the local business news outlet posted that the organisation, which at present has R180.6 billion (14.5 billion USD) in assets under management (AUM), proposes to open the exchange named SygniaCoin in the third quarter of the current year.
The CEO of Sygnia, Magda Wierzycka, announced:
“We aim to launch SygniaCoin, a cryptocurrency exchange, in the third quarter of 2018, The cryptocurrency market is evolving at a rapid pace internationally and domestically, and is attracting both domestic and international flows.”
“With its fintech focus, Sygnia is well-positioned to become the first major financial services institution to embrace cryptocurrencies and to offer investors a secure trading and execution platform backed by an international infrastructure, well-designed custody and integration with standard savings products.”
According to Wierzycka, SygniaCoin will be basing its security and operational policies on the BitLicense structure which is adopted by New York state’s Department of Financial Services (NYDFS). It is thought to be a standout amongst the most rigorous regulatory regimes governing cryptocurrency exchanges. This, she clarified, will empower it to better aid institutional investors.
Other than trading, Sygnia will be offering traders the capacity to hold digital money in their Sygnia accounts with their other investments. The organization will likewise make a dedicated fund that will be used to finance a variety of cryptocurrencies on behalf of the investors.
South Africa’s national bank still can’t seem to lay out a reasonable approach on digital currencies, which it alludes to as “cyber-tokens.” However, Wierzycka says that she anticipates that the government will build up more powerful rules later on.
Enthusiasm in cryptocurrencies has increased in recent months in South Africans, even as the market has encountered a general downtrend. A current overview found that 47 percent of South Africans who have not yet put funds into cryptocurrencies intend to do it, later on, either directly or through intermediary investments in organizations that operate cryptocurrency mining farms.