Luno, a London-based cryptocurrency exchange, just gained full clearance to operate in Malaysia from the Securities Commission. This makes Luno the first bitcoin exchange in Malaysia to be approved. The exchange began operating in Malaysia in 2015 and grew to become the country's largest digital asset exchange by 2017.
Within the first 10 days of re-launching in October 2022, more than RM2.5 million ($600,000) in digital assets were exchanged. Marcus Swanepoel, CEO of Luno, intends to see the same number of clients and volume as before the company's brief withdrawal from the market.
Swanepoel also mentions Malaysia as a trailblazing case study for future collaboration and innovation with regulatory organizations. The clearance procedure laid the groundwork for such collaboration, which might lead to more transparent and robust consumer protection in the bitcoin area.
Vijay Ayyar, Luno's Asia chief, also stressed the importance of Malaysia as a vital market for the firm, citing the country's prior success. The local government has also been proactive in putting forward-thinking policies in place that promote innovation while protecting consumers, offering clarity to the young crypto market.
Malaysia, with its high banking rates and high broadband penetration, might be a big market for Luno. Luno Aaron Tang, Malaysia's country manager, stated that there was a lot of confusion about the regulatory framework prior to the Securities Commission's clearance. However, with the clarification, there is now greater confidence among investors and companies to enter the Bitcoin market.
With complete approval, Luno is now working with a trustee to hold the funds, just like the stock market. Because the money are no longer kept by Luno, but by an independent trustee, investors have more confidence and security.
Malaysia is at the vanguard of bitcoin adoption, and the future of cryptocurrency is promising. The acceptance of Luno is a huge step forward for Malaysia's cryptocurrency business, providing more trust and security to investors in the nation. The country's embrace of innovation and engagement with regulatory authorities can serve as a model for other countries interested in regulating the cryptocurrency field.
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