South Africa Based Sygnia Ltd to Launch Cryptocurrency Exchange
Sygnia Ltd, the financial services firm runs by Magda Wierzycka, businesswomen in South Africa planning to launch cryptocurrency exchange. It was announced on Friday 25th, 2018, the launch of exchange will be in 3rd quarter of 2018.
The financial services firm Sgynia Ltd, is one of second largest fund manager with R181 billion assets under management. It is also the JSE-listed financial services group, which offers the administration services and investment management solutions to retail and institutional clients in South Africa. The firm is headed by outspoken businesswoman Magda Wierzycka who announced the launch of new exchange “Sygnia Coin” says the new move will be the key initiatives over the next 18 months.
The company reveals:
“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”.
Sgynia Ltd is well focused towards its financial technology and embracing cryptocurrencies. However, it is first financial services organization to offer a secured crypto transaction and execution platform. Thus, it is supported by well-organized custody, international substructure and standard savings product integrations.
Moreover, Sygnia results presentations said that, the crypto exchange regulations are more progressive.
“The 2018/19 Budget defined cryptocurrencies as “digital assets that may be used as a medium of exchange”. The South African Revenue Service (SARS) has already indicated that trading and investing in cryptocurrencies are subject to tax. We expect further regulatory frameworks to follow”.
Noticeably, the company is now focusing on policies, protocols and processing on regulatory framework. However, it is applicable to registered crypto exchanges in New York State, USA. Also, the firm ensure about the high-level security and legitimacy for customers.
Further company adds;
“We will also be able to offer investors the option of holding cryptocurrencies on the Sygnia Alchemy administration portal, alongside their investments”.
Accordingly, the Reserve Bank of South Africa has formed a self-regulatory organization and fintech developments to control cryptocurrency. It also helps to bring up a relevant policy framework and regulatory rules. But then, on May 24th, 2018 the South Africa’s Central Bank pointed cryptocurrencies as ‘Cyber tokens’. Since, crypto doesn’t meet the requirements of money says Deputy Governor of Bank.
Francois Groepe is the Reserve Bank Deputy Governor, he explained the position of the bank:
“We don’t use the term “cryptocurrency” because it doesn’t meet the requirements of money in the economic sense of the stable means of exchange, a unit of measure and a stable unit of value. We prefer to use the word ‘cyber-token”.