Inaugural launch event hosted with Luno’s CEO Marcus Swanepoel
Kuala Lumpur, 26th November 2019: Luno is a leading global cryptocurrency company on a mission to upgrade the world to a better financial system. With a team of over 300 employees and currently has its headquarters in London with regional hubs in Singapore and Cape Town, the company has over 3 million customers spanning over 40 countries.
The firm is delighted to be ranked in the top ten of the CryptoCompare Exchange Benchmark published on November 19th, 2019 and being the first cryptocurrency exchange to receive approval from The Securities Commission (SC) of Malaysia to provide Malaysian residents to access their highly-regarded exchange, so they can manage cryptocurrencies through an approved provider.
Officially granted approval to operate in the nation last month, however, Luno first set up operations in Malaysia back in 2015. By 2017, it had become the largest digital asset exchange in the country and was heavily involved in engagements with regulators around new cryptocurrency regulations for Malaysia. In addition, more than RM2.5 million worth of digital assets had been traded within the first 10 days after relaunching in Malaysia late October.
At the inaugural launch event earlier in Hilton KL that was attended by investors, regulators and leading figures from the Malaysian financial services sector, Marcus Swanepeol, the CEO of Luno commented, “We are seeing a revolution in global financial services with the adoption and use of cryptocurrencies, 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 technology are showing real leadership in the sector. They are opening up the way for investors, traders and individuals in the country to maximize the benefits of a new financial system”.
The advantage of having a regulated and respected exchange is very clear, greater transparency and protection of consumers as well as a blueprint for further collaboration and innovation with regulatory bodies of which Malaysia serves as a pioneering case study.
“Malaysia as a market 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,” concluded Mr. Swanepoel.
Furthermore, Vijay Ayyar from Luno’s Head of Asia stated that Malaysia is a strategic market for Luno where they found unprecedented success in the past. The team is excited to return to the nation, knowingly aware of the impact that cryptocurrencies and new forms of investments can have on Malaysians. Besides, local government has also been leading the pack by putting in place forward-looking regulations that embrace innovation while safeguarding users and providing clarity to the nascent crypto space.
Notably, Luno’s products and services make it safe and easy to buy, sell, store and even learn about cryptocurrencies like Bitcoin and Ethereum. The platform is now live for all Malaysian residents and can be accessed via mobile or desktops via www.luno.com.
For an insight of the event, click here.