London-based cryptocurrency exchange Luno, which had recently received approval from the Malaysian Securities Commission (SC) to operate as a recognized market operator (digital asset exchange), has become operational in Malaysia.
Now, Luno has become the first fully-regulated cryptocurrency exchange in Malaysia. The launching of the Luno platform in Malaysia is of significance as the Malaysian market has always been at the forefront of cryptocurrency adoption and knows the importance of digital assets in the current global economy. It will now make sure that customers in the country can safely buy, sell, and store Bitcoin and Ethereum, as well as future digital assets that are approved by the country’s regulator, the Malaysian Securities Commission.
Luno, which claims to have around 3 million users worldwide spread across 40 countries, is now live for all Malaysian residents, and mobile and desktop versions can be accessed just as easily. The company also has local offices in South Africa, Indonesia, Nigeria, Singapore, and Malaysia, with a workforce of over 300 employees around the world.
One thing that should be noted here is that Luno is just providing a platform to Malaysians where they can buy, sell, or store cryptocurrency.
London-based Luno has recently added Bitcoin Cash (BCH) trading to the platform following feedback from its client base, making BCH only the third cryptocurrency available for trading on the exchange. The platform is one of only three companies that the Malaysian regulator allowed to register when it began the process in June. In the same month, the commission conditionally approved Luno’s application to operate in Malaysia.
Appreciating the regulatory approval given by the Malaysian Securities Commission to operate in Malaysia, Luno’s CEO Marcus Swanepoel said that regulators like them who work with new digital assets and blockchain technology are showing real leadership in the sector.