The Securities Commission (SC) of Malaysia has fully approved Luno’s application to operate as the Recognized market operator in the Digital Exchange section. This makes Luno, the first among the three cryptocurrency exchanges in Malaysia who have submitted the application to the Malaysian Securities Commission.
As in June 2019, conditional approval was granted to 3 operators, namely Luno, Tokenize, and SINEGY. After that, all three operators were granted nine months to comply with all the regulatory requirements to get approval to act as a recognized market operator. Luno complied with all the requirements within four months and thus granted full approval by the SC. However, the other two operators have not likely turned up yet and are expected to come up with the requirements by February 2020.
As per the announcement made on behalf of the Securities Commission, Luno has complied with all the required conditions and thus, it will be able to offer a platform to the Malaysians to buy, sell, and store cryptocurrencies. In connection to this, the General Manager of South East Asia commented,
“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.”
This news of this temporary approval had already taken up the investors market by storm, as such investors had begun showing interest in when they will be able to deposit their money. As the news of full approval granted to Luno has spread, investors are very happy about the progress.
Luno considers this as a significant achievement that accentuates the importance of digital assets in recent times. Furthermore, to keep up with the pace in which cryptocurrencies are growing, Luno aspires to educate the Malaysians on how to buy, sell and store cryptocurrencies safely.