Malaysia’s Securities Commission has conditionally approved London-based Luno’s application as a digital asset exchange.
If full approval is given, Luno will become one of only three regulated exchanges in the Southeast Asian country.
The Kuala Lumpur branch of Luno will be headed up by General Manager David Low – a law graduate from the University of Reading.
“We are extremely grateful to the Securities Commission for granting us conditional approval,” he said.
“It has been a long journey for Luno from our entry into the Malaysian market in 2015, which led to us becoming, in just two years, the largest digital asset exchange in the country.
“We are committed to working with financial authorities, so it is very important to us that we are now going to be regulated by the Securities Commission.”
He added that Luno’s pursuit of becoming regulated was an important step in ensuring industry compliance and customer trust.
“We’ve been working closely with regulators and banks to complete the groundwork for the buying, selling, and storing of cryptocurrencies and digital assets, which we believe are the future of money,” he added.
“The regulation will ultimately bring clarity and protection to consumers and will ensure that all cryptocurrency businesses have adequate standards in place to protect investors and their funds.
“We know there is a lot of demand for our service, so we are coordinating with our partners in Malaysia to get Luno back and operating as quickly as possible – we’re almost ready to accept new customers and enable them to buy, sell, and trade crypto on our platform.”
With headquarters in London as well as hubs in Singapore and Cape Town, Luno employs 250 people and facilitates almost three million wallets across 40 countries.
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