New reports from South Africa suggest that another local company, Sygnia, will file an application with the Johannesburg Stock Exchange (JSE) to list a new cryptocurrency exchange-traded fund (ETF). This application is the second time that Sygnia has attempted to list the crypto ETF. A similar filing in 2017 was rejected by JSE on the grounds that the exchange was “not ready to approve cryptocurrency offerings.”
However, according to a report quoting the company’s CEO, David Hufton, Sygnia plans to re-apply for an ETF with the same design structure starting in 2017. In comments, Hufton said:
A lot of work has gone into designing the actual structure of the ETF in 2017, which we can reuse. As cryptocurrencies become more mainstream, we hope the JSE will be more receptive to our application this time around.
The CEO also reveals that Sygnia plans to “file an application with the JSE every day”.
Meanwhile, a recent report quotes JSE director Andre Visser explaining that certain conditions must first be met before such an application is considered successful. Furthermore, the JSE discloses that it should also “cooperate with other regulators, including the Financial Sector Conduct Authority, the South African Reserve Bank and international regulators.”
With this revelation, Sygnia becomes the latest South African company to show interest in listing a crypto ETF. As previously reported by Bitcoin.com News, another South African company, DCX Capital, similarly announced its plan to list a cryptocurrency ETF on the JSE.
Do you think the JSE will approve Sygnia’s second ETF filing? Tell us what you think in the comments section below.
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