Luno plans launch of Malaysian HQ in 2019

KUALA LUMPUR: London-based cryptocurrency company Luno has announced plans to open a headquarters in Kuala Lumpur in the first quarter of 2019.

In a statement, the cryptocurrency exchange and wallet operator said it expects to invest more than RM25mil in the Malaysian economy over the next five years and create over 100 high-skilled jobs.

"We believe that the cryptocurrency industry holds tremendous promise for Malaysia and we look forward to helping position Malaysia as the leader of digital revolution in South-East Asia," said David Low, head of Luno Southeast Asia.

Formerly known as BitX, Luno said the plans are in response to the Malaysian government's decision to set up a new regulatory framework to approve and monitor digital coins and token exchanges.

"Luno welcomes this positive news from the forward-thinking government that understands the importance of embracing new, disruptive technologies."

According to Luno, the new headquarters will provide support to customers in Southeast Asia, Europe and Africa as well as serve as an education and training hub.

Luno faced a setback in January this year when its Malaysian bank account was frozen pending an investigation into tax matters. 

In its latest status update, it said while customer withdrawals were being processed it is still in talks with banking partners to re-enable deposits.

In April, the company announced that it has been formally registered with Bank Negara Malaysia as a reporting insitution as required by the central bank's policy document on Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Digital Currencies requirement.