Luno, the first cryptocurrency exchange to receive approval from The Securities Commission (SC) of Malaysia, is delighted to be able to offer Malaysian residents access to their highly-regarded exchange, so they can manage cryptocurrencies through an approved provider.
Luno was granted full approval to operate by the SC last month but the company has a long history in Malaysia. Luno first set up operations in Malaysia in 2015. By 2017, it had become the largest digital asset exchange in the country and was heavily involved in engagements with regulators around new cryptocurrency regulations for Malaysia. After relaunching in Malaysia in late October, more than RM 2.5 million worth of digital assets had been traded within the first 10 days.
At the inaugural launch event attended by investors, regulators and leading figures from the Malaysia financial services sector, Marcus Swanepoel, Luno’s Chief Executive Officer and co-founder, commented: “We are seeing a revolution in global financial services with the adoption and use of cryptocurrencies but this is not going to be an overnight change. Regulators like the Securities Commission, here in Malaysia, who work with new digital assets and blockchain technology are showing real leadership in the sector. They are opening up the way for investors, traders and individuals in the country to maximise the benefits of a new financial system.”
The advantage of having a regulated and respected exchange is very clear, greater transparency and protection of consumers as well as a blueprint for further collaboration and innovation with regulatory bodies of which Malaysia serves as a pioneering case study.
“Malaysia as a market has always been at the forefront of cryptocurrency adoption and knows the importance of digital assets in today’s global economy. By working with our clients we aim to make sure they can safely buy, sell and store Bitcoin and Ethereum, as well as future digital assets that are approved by the SC. At present, a lot of digital assets are used for speculation but as their role in exchanging value between entities grows, we know they will become an integral part of business,” concluded Mr. Swanepoel.
“I have maintained that digital transformation requires human transformation and I am happy to see the enthusiasm and readiness of our society to embrace the safe and legal use of cryptocurrencies through innovative companies like Luno and via the leadership and vision of our local authorities,” said Malaysia Digital Economy Corporation (MDEC) Chief Executive Officer, Surina Shukri, at the launch event.
“Supporting crypto products and services, that further access to new financial services, moves us in the direction of our end-goal of establishing Malaysia as a regional digital powerhouse in the era of the Fourth Industrial Revolution; ensuring the digital economy drives shared prosperity for all Malaysians,” she added.
The Luno platform is now live for all Malaysian residents and can be accessed via mobile or desk-tops via www.luno.com.