Why the JSE is hesitant about Sygnia’s crypto fund
JSE turns down Sygnia’s attempt to list a cryptocurrency fund as it grapples with the future of digital currencies
The JSE won’t have anything to do with listed cryptocurrency assets — at least for the time being. It was only a matter of time before some asset managers waded into the cryptocurrency arena, but the JSE is, unsurprisingly, not ready to approve such listings as regulators are still coming to terms with digital currencies. The bourse has "concerns regarding the robustness and transparency of the various [cryptocurrency] spot markets", says John Burke, its director of issuer regulation. The exchange is in talks with other regulators in SA about crypto-related products, Burke says. "We believe these [issues] need to be discussed and agreed at a national level before crypto products should be listed on an exchange and subsequently acquired by retail investors and their pension funds," he says. He has declined to comment on Sygnia’s planned cryptocurrency fund, saying the JSE does not comment on engagements with clients. Wierzycka says she is also not able to comment, as the JSE is sensi...
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