Luno Reopens Crypto Exchange in Malaysia Amid Regulatory Approval

Crypto exchange Luno on Tuesday has relaunched its digital asset trading services in Malaysia after receiving approval from the Securities Commission (SC) of Malaysia.

According to the exchange, it has become the first cryptocurrency exchange to receive such approval from the Malaysian regulator.

“We are seeing a revolution in global financial services with the adoption and use of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term 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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology are showing real leadership in the sector,” Marcus Swanepoel, chief executive of Luno, said at the inaugural launch.

“They are opening up the way for investors, traders, and individuals in the country to maximize the benefits of a new financial system.”

Exile from the region

Luno first set up operations in Malaysia in 2015. However, due to resistance in the region from regulators and banks, it wrapped up its operations from southeast Asia and moved its base to London and was operating under the regulatory sandbox of the UK Financial Conduct Authority to test its crypto-based remittance service using British pounds.

It also expanded its presence in Europe and Africa over the years.

Meanwhile, the crypto exchange is also planning to resume its operations in Singapore and opened two corporate bank accounts in the city-state crucial for its operations.

“Malaysia has always been at the forefront of cryptocurrency adoption and knows the importance of digital assets in today’s global economy. By working with our clients we aim to make sure they can safely buy, sell and store Bitcoin and Ethereum, as well as future digital assets that are approved by the SC. At present, a lot of digital assets are used for speculation but as their role in exchanging value between entities grows, we know they will become an integral part of business,” Swanepoel added.