The strict financial regulator in Malaysia is trying to help the local fintech industry scale up and attract new investors. As part of that trend the Malaysia Securities Commission is recognizing the right of cryptocurrency exchanges such as Luno to serve local customers.
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Malaysia Approves Digital Asset Exchanges
Luno, the London-headquartered company formerly known as Bitx, has announced on Tuesday that it has been given approval by the Malaysia Securities Commission to operate as a recognized market operator in the Southeast Asian country. Luno is one of only three initial companies that the Malaysian regulator allowed to register when it began the process in June. Luno has now been found by the regulator to have satisfied all the required conditions for approval.
“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,” Luno general manager of Southeast Asia, David Low said. “This is a significant achievement and shows the importance of digital assets today and the long-term value of cryptocurrency.”
The Malaysia Securities Commission was hosting its annual fintech conference on Tuesday, focused on the regulator’s move to broaden the opportunities for a new generation of investors to raise capital or achieve their financial goals. The regulator was happy to note that the Malaysian fintech ecosystem is now home to alternative financing platforms as well as a diverse range of ventures such as digital asset exchanges.
“We are pleased to note that these platforms continue to serve a number of MSME [micro, small and medium enterprises] sectors including high tech, education, retail,
