- Luno becomes the first cryptocurrency wallet to get approval from the Security Commission of Malaysia.
- This creates a monopoly of Luno in the crypto trading sector in Malaysia.
- Luno has a long history of operating in the country since its initial launch in 2015.
On November 26, 2019, Luno exchange proudly announced the approval from the Security Commission (SC) of Malaysia, Luna is now fully prepared to provide an approved platform for the traders in Malaysia.
Luno has been approved only recently by the Malaysian Supreme Court but the company has a long history of being operating in the country, they have been operating in the country since 2015. And by 2017 Luno achieved the title of largest cryptocurrency trading company in Malaysia.
The inauguration event was attended by many of the top investors, regulators and leading figures in the sector of financial services.
In the event, Marcus Swanepoel, CEO of Luno stated that they are counting on this to bring a revolution in global financial services by the adoption and use of cryptocurrencies but the process is going to take some time, it is not a change which can be seen overnight.
He also said that the Security Commission in Malaysia who is responsible to regulate every project regarding any advancement in the cryptocurrency and blockchain sector is leading from the front. They are trying their best to open new roads for new investors, traders, and the residence of the country to get the maximum benefits of the new digital economy.
Surina Shukria, CEO of the Malaysian Digital Economy Corporation, complimented Luno’s group for making a restraining infrastructure by turning into the main organization to be affirmed.
Importance of getting approved
CEO of Luno also shed light on the importance of getting approved, he commented, that by getting approved, they will be able to operate in a regulated way, which will provide greater transparency and protection to their users and have a formed blueprint for future plans of collaboration and innovation with other regulatory bodies of Malaysia.
Luno platform is now available for all the traders in Malaysia which is accessible in both mobile and laptop versions.