The South African asset management company Sygnia has announced that in the third quarter of this year, a crypto exchange post. According to a report from Bloomberg Sygnias crypto to follow-stock exchange, the existing regulatory framework of the state of New York.
On Monday, the Sygnia the half-year result for the year 2018. It recorded a sales increase of 41% to R207,3 million, while the operating result increased by 33% to R64,0 million from R48,2 million in the previous period.
Magda Wierzycka, the CEO of Sygnia, said:
“We are planning the Start of SygniaCoin, a crypto-stock exchange, for the third quarter of 2018. The crypto currency market is developing rapidly, internationally as well as domestically, and is attractive to both domestic and international financial activities.“
The crypto-exchange will provide investors with a safe trading platform, which is supported by an international infrastructure, high safety Standards, and traditional savings products. The company stated that the focus is on FinTech, the company is well positioned to become the first large financial Institution, the crypto-currencies have a positive effect in their product range.
Sygnia’s CEO, added that:
“In order to ensure a high level of integrity and security for clients, we base our guidelines, protocols, and processes on the existing regulatory framework for crypto-currency exchanges which are registered in the U.S. state of New York.”
The Department of financial services of the state of New York (NYDFS) is holding the detailed most regulatory framework for the trading of digital currencies.
The Bank announced the selected crypto-currency Standards, “Digital Tokens”, since many can not be used as a money classified. The company also announced a “Sygnia Cryptocurrency Fund” for institutional investors to develop. Crypto-currencies, for example Bitcoin and Ethereum, are well known and the South African reserve Bank has launched a financial innovation unit, their Situation in relation to the policies of private cryptographic check of the graphic forms of money.