Johannesburg Stock Exchange rejects Bitcoin ETF application, citing lack of regulatory framework – Finance Bitcoin News

The South African Johannesburg Stock Exchange (JSE) has rejected an application from asset management company Sygnia to list a new Bitcoin Exchange Traded Fund (ETF). To justify its rejection of the latest proposal by Sygnia, the JSE cites the “lack of regulatory framework for crypto currencies” as the reason.

Unexpected rejection

Meanwhile, a report suggests that while Sygnia did not expect “immediate adoption of the Bitcoin ETF”, management still did not expect such a “quick rejection”. Instead, Sygnia’s founder and CEO Magda Wierzycka said in her response to the JSE’s decision:

We expected the JSE to include ‘file 13’ and when and when they were done Sygnia would be first in the queue.

In addition, Wierzycka says that the Bitcoin ETF “attracted attention and therefore money for the JSE”. The same report now shows that the JSE has rejected a similar request from Sygnia for the second time. In 2017, Sygnia tried unsuccessfully to list the world’s first cryptocurrency ETF on the JSE. At the time, a former executive of the exchange, John Burke, suggested that the JSE “was not ready to approve cryptocurrency listings”.

Bitcoin’s stamina

Another report quoted Wierzycka as expressing her belief in the stamina of Bitcoin. She also discusses how the price of the crypto asset was manipulated by “a very powerful and influential person”. She said:

The volatility we’ve seen is a – clearly unexpected – function of what I would call Elon Musk’s market manipulation. If this happened to a publicly traded company, it would be investigated by the SEC and severely sanctioned.

After the publication of a new position paper on cryptocurrencies by the South African Intergovernmental Fintech Working Group (IFWG), it is now unclear whether the JSE’s rejection of the Bitcoin ETF will last. In a new position paper on cryptocurrencies (published shortly after the JSE rejected the ETF proposal), the IFWG recommends regulating the crypto ecosystem.

If the IFWG recommendations are accepted, South Africa will be one of the first countries in Africa to regulate cryptocurrencies. In turn, regulation of cryptocurrencies will likely force the JSE to reconsider its decision to reject Sygnia’s motion.

What do you think of the JSE’s rejection of Sygnia’s Bitcoin ETF application? Let us know what you think in the comments section below.

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