Securities Commission (SC) gives Luno nod to operate cryptocurrency business

KUALA LUMPUR: Luno is the first cryptocurrency exchange approved to act as a recognised market operator (digital asset exchange) by the Securities Commission (SC).

On Tuesday, in a statement issued, London-headquartered Luno said that it was satisfied with all the required conditions the SC and could now offer Malaysians the opportunity to buy, sell and store cryptocurrency securely on its platform .

David Low

David Low, Southeast Asia’s Luno General Manager, said it was a long journey for Luno, from its entry into the Malaysian market in 2015 to becoming the largest digital asset exchange in 2017 and now being regulated by the SC.

He said that they have been working closely with regulators and banks from day one and they’re now excited to be able to provide customers the ability to buy, sell and trade crypto on their platform.

In addition, 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 said.

Datuk Syed Zaid Albar

SC chairman Datuk Syed Zaid Albar said: “We are pleased to note that these platforms (ECF, P2P, digital investment managers, digital asset exchanges, and property crowdfunding) continue to serve a number of micro, small and medium enterprises (MSMEs) sectors including high tech, education, retail, F&B and consumer product; and have attracted many new investors — especially young investors aged 35 and below.”

Luno is a leading global cryptocurrency organization with more than three million clients (wallets) in more than 40 countries.

What is Luno

LUNO is a bitcoin-related company headquartered in London. Luno facilitates bitcoin storage and transactions such as buying, selling and paying through their bitcoin wallet services. They also operate exchanges between traditional currencies and bitcoin.

Related article : Malaysian Perceptions about Cryptocurrency ; What is Luno

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