The Johannesburg Stock Exchange (JSE) rejected the application for a Bitcoin ETF by Sygnia, citing regulatory concerns. This is the second rejection in two months for an ETF that would have brought Bitcoin to more investors.
The south africa cryptocurrency is a cryptocurrency that was rejected by the Johannesburg Stock Exchange.
The Johannesburg Stock Market (JSE), Africa’s biggest stock exchange, has rejected Sygnia’s application for a new Bitcoin Exchange Traded Fund (EFT). The denial is due to a lack of structure and rules, according to the Johannesburg stock market in South Africa.
Actions and Reactions of Sygnia
Sygnia is a well-known asset management and financial services firm that also offers Exchange Traded Funds (ETFs) (ETF). It is a well-known, forward-thinking fintech firm based in South Africa. It also offers a wide variety of low-cost funds and investment options. Sygnia presented the application to the Johannesburg Stock Exchange, citing a new Bitcoin (BTC) based ETF (JSE).
The plan was, however, suddenly rejected by the Johannesburg Stock Exchange (JSE). Furthermore, JSE claims that the rejections are due to an incorrect EFT foundation. The rules were not executed or built in accordance with the established standards.
As a result, Sygnia’s Founder and Non-Executive Director, Magda Wierzycka, was taken aback by the JSE’s decision. Wierzycka expressed her certainty that the JSE would not approve the Bitcoin ETF right away. However, she depicts such an instant rejection as as undesirable.
Furthermore, Wierzycka claims that the JSE would most likely put the Bitcoin( BTC) ETF on hold for the time being, according to file 13. She was sure that the JSE will pass the ETF via file 13 in the future.
Furthermore, she said that if the ETF is approved, Sygnia would be the first Bitcoin ETF.
Despite the rejection, Wierzycka believes the Bitcoin ETF will get a lot of attention and recognition. It would have also handed over funds to the JSE.
Wierzycka’s thoughts on Bitcoin
Wierzycka said in a prior study that Bitcoin would be a standard asset in the future. Bitcoin, she says, is steady and solid, with ever-increasing values. Wierzycka also portrays Elon Musk, who, as a person of enormous potential power, easily backed up Bitcoin.
Despite this, she believes that Elon Musk has full control over Bitcoin. According to Wierzycka, the current market downturn and volatility, which includes Bitcoin, is entirely attributable to Elon Musk’s market manipulation. Elon Musk was detained, investigated, and punished, according to Wierzycka, for similar activities done for a publicly traded business.
The South African Intergovernmental Fintech Working Group (IFWG) is presently working on cryptocurrency regulation reform. After the IFWG issues formal pronouncements on cryptocurrency laws, it is anticipated that the JSE would be unable to keep the Bitcoin ETF for an extended period of time.
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Frequently Asked Questions
Did the SEC approve Bitcoin ETF?
Is there a ETF for Bitcoin?
No, there is no ETF for Bitcoin.
Will Bitcoin ETF hurt GBTC?
The Bitcoin ETF will not hurt GBTC. The Bitcoin ETF is a security that would be traded on the stock market, and it would only increase the value of GBTC in the long term.
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