Syngia Asset Management, one of South Africa’s foremost investment firms with $14.5 billion in assets under management, has revealed plans to launch their own cryptocurrency exchange later this year.
Magda Wierzycka, CEO of Syngia, announced that the company would launch its very own exchange, called ‘SygniaCoin,’ 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 its fintech focus, Sygnia is well-positioned to become the first major financial services institution to embrace cryptocurrencies and to offer investors a secure trading and execution platform backed by an international infrastructure, well-designed custody, and integration with standard savings products.”
The CEO said they placed emphasis on security and regulatory compliance, which they believe will continue to evolve in the South African context. Wierzycka noted that the South African Revenue Service (SARS) has already declared that crypto trading is taxable, and she fully expects further domestic regulatory framework to follow.
In the meantime, she says, SygniaCoin will base its policies on the existing regulatory framework currently in use in New York State, namely the very stringent NY BitLicense, introduced August of 2015.
Aside from trading, Syngia will also create a fund dedicated to investing in a range of cryptocurrencies on behalf of their clients. Investors will also be able to hold cryptocurrencies in their Syngia accounts alongside other assets.