KUALA LUMPUR: The first digital asset exchange in Malaysia approved by the Securities Commission (SC), Luno, has revealed that it processed over RM827mil worth of transactions in the country since its relaunch in 2019.
The company made the announcement during a recent live virtual media session.
Speaking during the session, Luno Malaysia country manager Aaron Tang (pic below) said: “It is very encouraging to receive such a great reception from Malaysian customers.
"Investments in cryptocurrency have been increasing steadily in Malaysia with many investors looking to cryptocurrencies as a good store of value or a start to their investing journey.”
Facilitating digital asset investments“
On Luno, 68% of users buy cryptocurrencies for investment purposes as they look for alternative investment vehicles to diversify their portfolios – with the majority of activity in Malaysia coming from users between 30 to 49 years old.
“Customer security and usability is the centre of all our efforts and focus. We want to remove all the difficulties and hassle, which is why we introduced deposits via FPX (financial process exchange) to improve user experience by providing an option for instantaneous transactions.
“We have also launched a Repeat Buy feature, allowing users to schedule automatic cryptocurrency purchases conveniently, ” Tang added.
Luno is the largest digital asset exchange in the country, with more than 180,000 users and over 90% of the local regulated digital assets exchange market share, according to publicly available trading volume for the three approved digital asset exchanges in the last six months from April to September 2020.
It stores more than RM165mil on behalf of its customers across the four approved cryptocurrencies of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC).
Striving for a better financial system
On the global level, Luno is a leading London-based cryptocurrency company with a team of over 300 to serve more than five million customers in 40 countries across Africa, South-East Asia and Europe.
In September 2020, Luno was acquired by New York-based Digital Currency Group (DCG). With the backing of DCG, the company hopes to fulfill its vision of upgrading the world to a better financial system by making cryptocurrency safe and easy to buy, store and learn about cryptocurrencies.
Among other updates on Luno are the new trading signals in partnership with a blockchain intelligence company IntoTheBlock, an improved trading view on the desktop application and the recently introduced stop-limit and market orders.
In addition, during its relaunch in October 2019, Luno expanded its cryptocurrency offerings in Malaysia from BTC and ETH by adding XRP and LTC as well.
In collaboration with the SC, Luno has also generated a collection of informational content aimed to educate Malaysians on the safety and risks of trading digital assets.
“Over the last few years, the infrastructure that allows people to invest in cryptocurrencies has come a long way.
“Regulated cryptocurrency exchanges must meet stringent anti-money laundering laws and investor protection requirements.
“Luno has provided simple access users from all walks of life who are now able to directly access powerful online trading tools, which have historically been limited to professional investors.
“Moving forward, we hope the innovation, democratisation and expansion of access brought about by regulated cryptocurrency exchanges, as well as continued governmental recognition of the services, will provide a conducive environment for users to purchase and trade digital assets safely, ” Tang concluded.
Luno was the first digital asset exchange fully approved by the SC, with cryptocurrency classified as securities and thus allowed for investment and trading purposes in the country under the Capital Market and Services Act. The SC’s approval or authorisation, or the registration, lodgement or submission of the disclosure document or any relevant agreement or contract to the SC does not mean that the SC has recommended or endorsed the product or service.
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