SC gives Luno nod to operate cryptocurrency business

The London-headquartered Luno said it had satisfied all the required conditions under the SC and it can now offer Malaysians the opportunity to safely buy, sell and store cryptocurrency on its platform.

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

In a statement issued on Tuesday, the London-headquartered Luno said it had satisfied all the required conditions under the SC and it can now offer Malaysians the opportunity to safely buy, sell and store cryptocurrency on its platform.

Luno general manager of Southeast Asia, David Low said it has been a long journey for Luno, from its entry into the Malaysian market in 2015 to us becoming 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, ” he said.

“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.

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 company with over three million customers (wallets) spanning over 40 countries.