The Securities Commission (SC) of Malaysia has conditionally approved Luno’s application as a Recognized Market Operator (Digital Asset Exchange). Upon the SC’s confirmation that Luno has satisfied the SC’s conditions, Luno will become one of only three digital asset exchanges to be regulated in Malaysia, allowing investors to buy, sell and store cryptocurrencies.
“We are extremely grateful to the Securities Commission for granting us conditional approval. It has been a long journey for Luno, from our entry into the Malaysian market in 2015, which led to us becoming, in just two years, the largest digital asset exchange in the country. We are committed to working with financial authorities so it is very important to us that we are now going to be regulated by the Securities Commission. We look forward to relaunching the Luno services so they are again available to all Malaysians.” said David Low, Luno General Manager of Southeast Asia.
He continued, “We’ve been working closely with regulators and banks to complete the groundwork for the buying, selling and storing of cryptocurrencies and digital assets, which we believe are the future of money. Regulation will ultimately bring clarity and protection to consumers, and will ensure that all cryptocurrency businesses have adequate standards in place to protect investors and their funds. Luno’s commitment to compliance is demonstrated by our continued registration with, and institutional reporting through Bank Negara Malaysia. We know there is a lot of demand for our service so we are coordinating with our partners in Malaysia to get Luno back and operating as quickly as possible. We’re almost ready to accept new customers and enable them to buy, sell and trade of crypto on our platform.”
“The Malaysian government’s proactive regulation of the digital asset industry shows the significance they place on this sector. We firmly believe that cryptocurrencies and their underlying blockchain technologies will bring innovation in both old and new industries. We will also be implementing some exciting new changes we’ve been working on during this transition period, which will further enhance the Luno service.” concluded Mr Low.
LUNO (formerly BitX) is a bitcoin-related company headquartered in London with regional hubs in Singapore and Cape Town. Luno currently has over 250 employees with close to 3 million opened wallets across over 40 countries.
Luno facilitates bitcoin storage and transactions such as buying, selling and paying through their bitcoin wallet services. They also operate exchanges between traditional currencies and bitcoin. Luno allows the trading of the two most established cryptocurrencies – Bitcoin and Ethereum – on its platform.
