Luno, a global bitcoin and cryptocurrency exchange, announced today that 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 three digital asset exchanges to be regulated in Malaysia, allowing investors to buy, sell and store cryptocurrencies.
Luno’s commitment to compliance is demonstrated by their continued registration with, and institutional reporting through, Bank Negara Malaysia. The company says it is almost ready to accept new customers, to enable them to buy, sell and trade cryptocurrencies on the platform.
[perfectpullquote align=”full” bordertop=”false” cite=”David Low, Luno Manager of Southeast Asia” link=”” color=”” class=”” size=””]”We’re 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’re committed to working with financial authorities, so it is very important to us that we’re now going to be regulated by the SC. We look forward to relaunching Luno so we’re available to all Malaysians once again. 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. Regulations 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. 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.”[/perfectpullquote]
The Malaysian government is positive about the progress of blockchain and its contribution to the country’s economy and growth. The World Bank ranked Malaysia as the 23rd country in the world where it is the easiest to run and establish a business.