London-based Luno has now become the first crypto exchange to operate in Malaysia. Recently, it got approval from the Securities Commission (SC), allowing it to offer traders to make transactions on the exchange in Bitcoin and Ethereum legitimately.
Luno has first put up an application with the Securities Commission for authorization to function in Malaysia back in 2015. In 2017, several issues cropped up between Luno and Bank Negara Malaysia (BNM). Finally, the application was rejected on the ground of instability of the virtual currency, barring Luno to operate in Malaysia. However, Luno did not give up and after much negotiations and discussions with BNM, the exchange finally managed to register itself with the Securities Commission in 2018 and recently got the approval of BNM.
General Manager of Luno for Southeast Asia, David Low expressed his happiness after this success,
“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. This is a significant achievement and shows the importance of digital assets today and the long-term value of cryptocurrency.”
Luno is a Bitcoin-related firm that provides storage space and allows transactions for buying, selling, and payment using Bitcoin wallet facilities. It also runs an exchange between fiat currencies and Bitcoin.
