South African exchange SygniaCoin to trade in accordance with New York State laws

The management of the new digital currency exchange based in South Africa will follow the corresponding financial rules of the New York State, as explicitly confirmed by the CEO of the parent company Sygnia. The exchange itself will be known as SygniaCoin.

This decision is easily explained if one remembers what the United States officials stated about the foreign crypto companies working with the U.S. market and Operation Crypto-Sweep which has recently been launched by the authorities of America and Canada. Sygnia executives also tell that the U.S. standards would make the exchange more secure. One can speculate that this narrative about American standards can also become a part of a marketing campaign for the domestic audience.

The authorities of the Republic of South Africa have chosen the active supervision approach towards the business related to digital currencies. The normal income tax is applied to both gains and losses connected with the sphere, and unlike in some other countries, mining is not viewed as anything special. In comparison to other African states, these are not the toughest conditions.