Luno Approved as Regulated First Malaysian Cryptocurrency Wallet

Luno has obtained full approval by Malaysia’s Securities Commission (SC) to operate as a Recognised Market Operator (Digital Asset Exchange). This makes Luno the first cryptocurrency exchange in the country to receive the approval and they are able to offer Malaysians a platform to buy, sell and store cryptocurrencies such as Bitcoin and Ethereum.

Luno Approved as Regulated First Malaysian Cryptocurrency Wallet
Luno Approved as Regulated First Malaysian Cryptocurrency Wallet

Recently, Luno announced that it had received approval from The Securities Commission of Malaysia to operate as as a Recognised Market Operator (Digital Asset Exchange). The company has now “relaunched” in Malaysia, with operations initially starting in 2015—Luno has now been the largest digital asset exchange in the country since 2017.

According to Marcus Swanepoel, CEO of Luno:

“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 int he sector.”

The CEO of the Malaysian Digital Economy Corporation, Surina Shukri, congratulated the team behind Luno for being the first company to attain approval, explaining that this is an opportunity to be one of the early pioneers in a space that is “growing very fast”.

But according to the CEO of Luno, regulators play an important role in the success of cryptocurrencies in general. Regulators, through providing oversight, can help to increase clarity for current companies to operate within the existing framework, and also to ensure that companies have adequate standards to protect their funds and customers.

 

“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 that they can safely buy, sell, and store Bitcoin and Ethereum, as well as future digital assets that are approved by the SC. “

The Luno platform is now live for all Malaysian residents, and mobile and desktop versions can be accessed here. It’s worth noting that Luno isn’t providing the cryptocurrency—merely a platform on which Malaysians can buy, sell, or store cryptocurrencies such as Bitcoin and Ethereum.