With Crytocurrency getting more recognition from world financial markets, regulators have started to form clear frameworks for operators of such currency to offer their service to customers in a more open manner. While some countries ban cryptocurrency all together, Securities Commission of Malaysia has been of those regulators who believed in the new asset and worked together with traders to build an exchange for this financial product.
This resulted in application of multiple traders, with Luno being the first cryptocurrency exchange in Malaysia to receive approval to operate in the market. Conditions are in place for traders and Luno has been given the green light with its satisfactory of fulfilling all the conditions to buy, sell and store cryptocurrency on its platform.
“We are extremely grateful to the Securities Commission for confirming Luno as a Recognized Market Operator. It has been a long journey for Luno, from our entry into the Malaysian market in 2015 to us becoming the largest digital asset exchange in 2017, and now being regulated by the Securities Commission. 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,” said David Low, General Manager of Southeast Asia. Luno trades in Bitcoin and Ethereum.
More regulators around the world are providing clarity for cryptocurrency companies to operate either within existing frameworks, or with new licenses. This will help increase trust, weed out most (if not all) of the bad actors, and form the foundation for large-scale institutional money to come into the crypto ecosystem. It will also ensure that approved cryptocurrency businesses have adequate standards in place for the protection of customers and their funds.
“We are pleased to note that these platforms (ECF, P2P, digital investment managers, digital asset exchanges, and property crowdfunding) continue to serve a number of micro, small and medium enterprises (MSMEs) sectors including high tech, education, retail, F&B and consumer product; and have attracted many new investors — especially young investors aged 35 and below,” said Datuk Syed Zaid Albar, Chairman of the SC.
