The London-based cryptocurrency exchange Luno has recently received approval from the Malaysian Securities Commission (SC) to operate as a recognized market operator (digital asset exchange).
Luno has recently added Bitcoin Cash trading to the platform following feedback from its client base, making BCH only the third cryptocurrency available for trading on the exchange.
Luno claims to have around 3 million users worldwide, spread across 40 countries. The company also has local offices in South Africa, Indonesia, Nigeria, Singapore, and Malaysia, with a workforce of over 300 employees around the world
Luno is one of only three initial companies that the Malaysian regulator allowed to register when it began the process in June. Luno has now been found by the regulator to have satisfied all the required conditions for approval. In June this year, the commission had conditionally approved Luno’s application to operate in Malaysia.
“We’ve been working closely with regulators and banks from day one and we’re now excited to be able to provide customers the ability to buy, sell and trade crypto on our platform,” Luno general manager of Southeast Asia, David Low said. “This is a significant achievement and shows the importance of digital assets today and the long-term value of cryptocurrency.”
According to reports, David Low, Luno’s general manager of Southeast Asia, commented that for the company it was a long journey, from its entry into the Malaysian market in 2015 to become the largest digital asset exchange in 2017, and now being regulated by the SC.
“We’ve been working closely with regulators and banks from day one and we’re now excited to be able to provide customers the ability to buy, sell and trade crypto on our 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,” he added.
On receiving the approval, Marcus Swanepoel, CEO of Luno, commented: “The announcement yesterday of more exchanges being granted Recognized Market Operator (Digital Asset Exchange) status in Malaysia is important as it is a regulator looking to work with and develop digital assets for the benefit of businesses and communities. As regulatory oversight increases around the world, this will help stabilize and develop the sector.”