The latest reports from South Africa indicate that another local company, Sygnia, will apply to the Johannesburg Stock Exchange (JSE) to list a new cryptocurrency exchange-traded fund (ETF). The application will be Sygnia’s second attempt to list encrypted ETFs. JSE rejected a similar application in 2017 on the grounds that the exchange “is not yet ready to approve the list of cryptocurrencies.”
However, according to a report citing the company’s CEO David Hufton (David Hufton), Sygnia plans to reapply for an ETF using the same design structure from 2017.
A lot of work needs to be done when designing the actual structure of the ETF in 2017, and we can reuse it. As cryptocurrencies become more and more mainstream, we hope that JSE will better accept our applications this time.
The CEO also revealed that Sygnia intends to “reapply for JSE every day now.”
At the same time, a recent report quoted JSE Director Andre Visser, who explained that certain conditions must be met before such an application can be considered successful. In addition, JSE revealed that it also needs to “cooperate with other regulatory agencies, including the Financial Sector Conduct Authority, the South African Reserve Bank and international regulatory agencies.”
With this revelation, Sygnia became the latest South African company to express interest in listing cryptocurrency ETFs. As previously reported by Bitcoin.com News, another South African company, DCX Capital, also announced its plan to list a cryptocurrency ETF on the JSE.
Do you think JSE will approve Sygnia’s second ETF application? Tell us what you think in the comments section below.
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