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’s General Manager of Southeast Asia, David Low has expressed his gratitude to the Securities Commission for confirming Luno as a Recognised Market Operator. He shared that it has been a long journey for them since its entry in Malaysia in 2015 to become the largest digital asset exchange in 2017, and now being regulated by the Securities Commission. He added that Luno Malaysia has been working closely with regulators and banks from day one and now they are able to provide customers the ability to buy, sell and trade crypto on their platform.
“This is a significant achievement and shows the importance of digital assets today and the long-term value of cryptocurrency. We want to help educate Malaysians on how to safely buy, sell and store Bitcoin and Ethereum, using an exchange approved and regulated by the SC.” – David Low, Luno General Manager of Southeast Asia
According to Luno’s press release, more regulators around the world are providing clarity for cryptocurrency companies to operate within the existing framework or with new licenses. This will help to increase trust and to weed out bad actors and to form the foundation for large-scale institutional money to come into the crypto ecosystem. Regulations will also help to ensure approved cryptocurrency businesses have adequate standards in place to protect customers and their funds.
Luno was earlier given conditional approval by the Securities Commission of Malaysia alongside SINEGY Technologies (M) Sdn Bhd and Tokenize Technology (M) Sdn Bhd.