South African firm will launch crypto exchange

The company Sygnia Asset Management reported that by the end of 2018 it will launch a cryptocurrency brokerage house

Sygnia Asset Management, a South African company with 180 billion rand assets, has announced the launch of a cryptocurrency exchange in the last quarter of 2018. The evolution of the digital financial market gives them confidence and supports fintech initiatives.

Magda Wierzycka, CEO of Sygnia, said the brokerage house will be called SygniaCoin and added that currently they have the necessary strength to become the first institution to offer a platform for cryptocurrency transactions, safely and transparently.

Another guarantee is that they already have a solid regulatory framework through the Public Revenue Service of South Africa. It establishes the payment of taxes for activities in digital currencies. They are awaiting national frameworks for cryptographic regulation.

For now, they will follow the regulations of brokerage houses that are already operating successfully in the world, such as the New York Stock Exchange. They will also create a crypto investment fund for minor and institutional clients.

The South African authorities proceed with caution to prevent illegal practices such as money laundering or financing of terrorist acts. As for the launch of the crypto bag they are optimistic and confident.


Source: Cointelegraph

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