South African Investment Firm to Launch Cryptocurrency Exchange

South-African-Investment-Firm-to-Launch-cryptocurrency-exchange

A major South African investment firm, Sygnia Asset Management, with over $14.5 billion worth under management, has revealed that it will be launching a cryptocurrency exchange, “SygniaCoin” near the end of the year, as reported by BusinessTech  May 25.

Magda Wierzycka, the CEO of Sygnia, place a lot of importance on the security and regulation of the exchange. She stated that all crypto trading would be liable to tax as governed by the South African Revenue Service (SARS). She also expects further crypto regulations to follow.

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The company will base its policies on the existing framework currently adopted by the major crypto exchanges located in New York State. They will be abiding by the stringent NY BitLicense (introduced in August 2015).

Sygnia will also create a dedicated fund in order to invest in a range of cryptocurrencies for their retail and institutional investors. The company will be able to hold the cryptocurrency in their company accounts alongside their other corporate assets.

Recent interest in cryptocurrency among South Africans has boomed within the last several months. A recent survey found that over 47% of South Africans plan to invest in cryptocurrency.

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