As per the recent reports, Luno Malaysia Sdn Bhd has received conditional approval from the SC (Securities Commission) of Malaysia as a recognized market operator. Luno announced this update on 4th June 2019 through its official blog post saying that its application as a recognized market operator (Digital Asset Exchange) was approved conditionally by the SC. That means Luno can now offer investors to sell, purchase, and store digital currencies.
Malaysian SC has also confirmed the news. Therefore, Luno has become one of the three crypto exchange companies to have received such approval. The other two companies are Tokenize Technology (M) Sdn Bhd and SINEGY Technologies (M) Sdn Bhd.
All these three entities have nine months of duration to be fully in compliance with all the regulatory requirements. Once the companies do that, they will receive a complete license.
In the blog, Luno has stated that they are totally committed to operating with the nation’s financial authorities, and they are looking forward to relaunching the company. The post also suggested that Luno valued SC’s conditional approval greatly as they thought it was very important for them to come under SC’s regulations.
Divulging further details, the blog which is penned by David low, General Manager of Luno for Southeast Asia region, said that the team is closely working with the banks as well as regulators for the completion of the base work required for storing, purchasing, and selling of cryptos and other digital assets. According to Luno, the presence of strong regulations will bring much-needed protection and clarity to clients while ensuring that all the crypto businesses adhere to the required standards and policies. That way, complete investor and funds protection will be achieved.
The blog also disclosed that Luno had planned some exciting changes to boost its service offerings, which will be implemented soon. The company at present is in talks with its Malaysian partners so that it can relaunch and resume its operations ASAP. The blog claimed that the company is almost prepared to acquire new clients and allow them to trade, buy, and sell cryptos on its platform.
It must be noted that Luno had ventured into the Malaysian market in the year 2015 and within a couple of years, the company went on to become the country’s biggest digital asset exchange.
The SC, on the other hand, announced in January this year that companies involved in the digital assets space and related activities will have to adhere to its laws and guidelines. These guidelines include rules for anti-money laundering and cybersecurity. The entities which have not received SC approval will have to stop all their activities on an immediate basis and also return the assets they’ve collected from the investors.