Sygnia’s Bitcoin ETF Rejected by Johannesburg Stock Exchange

Sygnia’s Bitcoin ETF Rejected by Johannesburg Stock Exchange

The largest stock exchange of Africa, the Johannesburg Stock Exchange(JSE) has rejected the proposal of a new Bitcoin Exchange Traded Fund(EFT) put forth by Sygnia. Johannesburg stock exchange located in South Africa, reveals that the rejection is due to poor framework and regulations. 

Sygnia’s Actions and Reactions

Sygnia is a prominent asset management and financial services provider which is also into the Exchange Traded Fund (ETF). It is a well-recognized innovative fintech company located in South Africa. Additionally, it promotes a diverse range of funds and investment solutions at low fees. Citing a new Bitcoin (BTC) based ETF, Sygnia put forth the proposal to Johannesburg Stock Exchange(JSE). 

However, Johannesburg Stock Exchange(JSE) rejected the proposal abruptly. Furthermore, JSE states the rejections are due to an improper framework for the EFT. The regulations were not implemented and constructed according to the norms. 

Consequently, Sygnia’s Founder and Non-Executive Director, Magda Wierzycka reacted in surprise to the JSE’s rejection. Wierzycka exclaimed she knew the JSE wouldn’t approve of the Bitcoin ETF instantly. But such immediate rejection is totally unacceptable, she portrays. 

In addition, Wierzycka insists the JSE would probably put on hold the Bitcoin( BTC) ETF, to file 13 for now. She was confident the JSE would later pass the ETF through file 13.

Furthermore, she depicted if the ETF went through, Sygnia would be the first for the Bitcoin ETF.

In Spite of the rejection, Wierzycka exclaims the Bitcoin ETF will receive plenty of fame and attention. It would have turned in money to the JSE too. 

Wierzycka on Bitcoin

In a previous report, Wierzycka commented Bitcoin will be a standard asset throughout time. She expresses Bitcoin as stable and concrete, with ever-growing prices. Also, Wierzycka depicts Elon Musk, how being an individual of such potential influence backed up Bitcoin effortlessly. 

Despite this, Elon Musk has complete manipulation over Bitcoin she exclaims. Wierzycka goes on, the recent market falls down and instability including Bitcoin is solely due to Elon Musk’s market manipulation. Wierzycka blazed out such actions done for a listed company, Elon Musk arrested, investigated, and penalized. 

However, the South African Intergovernmental Fintech Working Group (IFWG) is currently working on reform to regulate cryptocurrencies. It is expected that the JSE couldn’t hold up the Bitcoin ETF for a long time after IFWG releases announcements officially upon regulations on cryptocurrencies.

Recommended for you

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.