{"id":8228,"date":"2021-06-14T08:54:40","date_gmt":"2021-06-14T08:54:40","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/johannesburg-stock-exchange-rejects-bitcoin-etf-application-cites-lack-of-regulatory-framework\/"},"modified":"2021-06-14T08:54:40","modified_gmt":"2021-06-14T08:54:40","slug":"johannesburg-stock-exchange-rejects-bitcoin-etf-application-cites-lack-of-regulatory-framework","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/johannesburg-stock-exchange-rejects-bitcoin-etf-application-cites-lack-of-regulatory-framework\/","title":{"rendered":"Johannesburg Stock Exchange Rejects Bitcoin ETF Application, Cites Lack of Regulatory Framework"},"content":{"rendered":"

South Africa\u2019s Johannesburg Stock Exchange (JSE) has rejected a request by the asset management firm, Sygnia, to list a new bitcoin exchange-traded fund (ETF). In justifying its rejection of the latest proposal by Sygnia, the JSE cites the \u201clack of a regulatory framework for cryptocurrencies as the reason.\u201d<\/strong><\/p>\n

Unexpected Rejection<\/h2>\n

Meanwhile, a report<\/a> suggests that while Sygnia was not expecting \u201can immediate acceptance of the bitcoin ETF\u201d, company executives still did not anticipate such \u201ca quick rejection.\u201d Instead, in her reaction to the JSE\u2019s decision, Sygnia founder and executive chairman Magda Wierzycka said:<\/p>\n

We expected the JSE to put in it \u2018file 13\u2019 and if and when they were ready that Sygnia would be the first in the queue.<\/p>\n

In addition, Wierzycka says the bitcoin ETF \u201cwould have attracted attention, and in turn money, to the JSE.\u201d In the meantime, the same report reveals that this is the second time the JSE has rejected a similar application by Sygnia. In 2017, Sygnia unsuccessfully tried to list the world\u2019s first cryptocurrency ETF on the JSE. At the time, a former executive with the exchange, John Burke, suggested the JSE \u201cwas not ready to approve cryptocurrency listings.\u201d<\/p>\n

<\/p>\n

Bitcoin\u2019s Staying Power<\/h2>\n

In a different report<\/a>, Wierzycka is quoted expressing her belief in bitcoin\u2019s staying power. She also discusses how the crypto asset\u2019s price has been manipulated by \u201cone very powerful and influential individual.\u201d She said:<\/p>\n

The volatility we have seen is a\u2014clearly unexpected\u2014function of what I would call market manipulation by Elon Musk. If that happens to a listed company he would be investigated and severely sanctioned by the SEC.<\/p>\n

Meanwhile, following the South African Intergovernmental Fintech Working Group (IFWG)\u2019s release of a new position paper<\/a> on cryptocurrencies, it is now unclear if the JSE\u2019s rejection of the bitcoin ETF is going to stand. In a new position paper on cryptocurrencies (which published just after the JSE rejection of the ETF proposal) the IFWG recommends the regulation of the crypto ecosystem.<\/p>\n

If accepted, the IFWG recommendations will see South Africa becoming one of the first countries in Africa to regulate cryptocurrencies. Regulation of cryptocurrencies, in turn, will likely force the JSE into revisiting its decision to reject Sygnia\u2019s request.<\/p>\n

What do you think of the JSE\u2019s rejection of Sygnia\u2019s bitcoin ETF application? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nFinance, bitcoin etf, Crypto Ecosystem, cryptocurrency listings, Cryptocurrency regulation, Intergovernmental Fintech Working Group, Johannesburg Stock Exchange, south africa bitcoin, Sygnia<\/p>\n","protected":false},"excerpt":{"rendered":"

South Africa\u2019s Johannesburg Stock Exchange (JSE) has rejected a request by the asset management firm, Sygnia, to list a new bitcoin exchange-traded fund (ETF). In justifying its rejection of the latest proposal by Sygnia, the JSE cites the \u201clack of a regulatory framework for cryptocurrencies as the reason.\u201d Unexpected Rejection Meanwhile, a report suggests that…<\/p>\n","protected":false},"author":0,"featured_media":8229,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8228"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8228"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8228\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8229"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}