Sygnia a Cape Town based asset management firm is paving the way to launch a Cryptocurrency exchange to cater the developing inclination of people in Cryptocurrency market.
Sygnia has $14.5 billion in assests under management (AUM) has planned to launch the proposed cryptocurrency exchange later this year.
Sygniacoin- The Cryptocurrency Exchange
The exchange will be known as sygnia coin, with its international infrastructure, integration and custody will provide investors a secure trading and execution platform. The investors will be permitted to access a range of cryptocurrencies as the company has planned to develop a fund in this regard.
Magda Weirzycka CEO, Sygnia stated :
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 this launch of crypto exchange , Sygnia will become the first major financial institution in cryptocurrency market. The policies and protocols will be based off the framework developed and utilized by New York state, to be on right side of the law .
Company’s official statement reveals it’s take regarding regulations :
To ensure the highest levels of integrity and security for clients, we are basing our policies, protocols and processes on existing regulatory framework applicable to cryptocurrency exchanges registered in New York State, USA.
Sygnia will allow traders to do trading as well as hold their Cryptocurrencies in their Sygnia accounts along with their investment.
A clear policy on cryptocurrency is still awaited from the central bank of South Africa. Syngia has expectations from the government to frame robust guidelines.
A recent survey conducted in the country highlighted the growing interest of people in cryptocurrencies. A large no. of people could be seen investing in Cryptocurrencies in the approaching time.
The thing worth mentioning includes that South African Revenue Service (SARS) has made it clear that trading and investing in cryptocurrencies are subject to tax.