Luno, has just been given full approval to operate as a Recognized Market Operator (Digital Asset Exchange). This comes after an application to the Securities Commission (SC) of Malaysia. Luno is now the first cryptocurrency exchange in Malaysia to receive such an approval.
Buy, and Sell Cryptocurrencies on Luno
In this landmark approval, Malaysians are able to buy, sell, and store cryptocurrencies on Luno. However, it’s always best to store digital assets in a private wallet. David Low, the General Manager of Luno in Southeast Asia expressed their gratitude to the Securities Commission for the approval. He shared that it has been a long journey for Luno, from its entry into the Malaysian market back in 2015 to rapidly growing to become the largest digital asset exchange in 2017. He added that Luno has been working with regulators and banks to gain approval, and are excited to continue operating their platform in Malaysia.
Back in June 2019, Luno was among three digital asset exchanges in Malaysia to be granted by the Securities Commission a conditional approval. The other two cryptocurrency exchanges are Tokeniize and SINEGY, though there hasn’t been much news from them lately. However, the Securities Commission granted all three operators up to 9 months to be fully compliant with all regulatory requirements, so we should hear back from the other operators by early 2020.
Currently, Malaysian users who previously had a Luno account prior to it being restricted, are able to deposit MYR. This is done via a trustee AmBank account. Once fully operational, users will be able to buy and sell Bitcoin, as well as Ethereum on the platform. Would you use Luno?