Luno, the first cryptocurrency exchange to receive approval from the Securities Commission (SC) in Malaysia , has officially relaunched.
A long history in Malaysia
Luno has been around in Malaysia since 2015, and was the largest digital asset exchange in the country by 2017. However, it was barred from operating in Malaysia by Bank Negara Malaysia (BNM) back in 2017 but has recently received approval. Since then, it has been heavily involved in engagements with Malaysian regulators around new cryptocurrency regulations for Malaysia. At the launch event, Marcus Swanepoel, Luno’s CEO said: “We are seeing a revolution in global financial services with adoption and use of cryptocurrencies but this is not going to be an overnight change. Regulators like the Securities Commission, here in Malaysia, who work with new digital assets and blockchain technology are showing real leadership in the sector. They are opening up the way for investors, traders and individuals in the country to maximise the benefits of a new financial system.”
Trade volume on Luno has picked up significantly since the relaunch back in October. More than RM 2.5 million worth of digital assets has been traded within the first 10 days. At the moment, Luno can be accessed via its mobile app, and also its desktop version. Malaysian residents are permitted to register to purchase and sell three digital assets for now. This includes Bitcoin (BTC), Ethereum (ETH), and also Bitcoin Cash (BCH). Accounts can be funded via bank transfer only for now. A few things to note; the minimum and maximum deposits are RM 1, and RM 10,000 respectively. Also, be sure to transfer the funds from a bank account under your name, or it might get rejected. If you’re depositing twice within 24 hours, be sure to use varying amounts.