Luno has become the first fully regulated crypto exchange in Malaysia. Users from any part of the country will now be able to access the services at the exchange. Earlier, the Luno crypto exchange had revealed that the Securities Commission of Malaysia had given its approval for it to operate as a Digital Asset Exchange.
According to a report appearing in Malaymail, a local news publication, Luno will be launching in the nation after it received approval from the authorities. It has a license to operate as a Recognized Market Operator. According to the CEO, the world is currently undergoing a revolution in terms of global finance. This was especially so in regards to the adoption and use of crypto. However, he added that this change would not occur overnight. He praised the regulators in Malaysia and said that by them working with this new class of digital assets, they were displaying leadership in the sector.
Luno is the First in Malaysia
The head of the Malaysian Digital Economy Corporation congratulated the Luno exchange team for achieving this feat. He added that Malaysia presented an opportunity for entrepreneurs to be pioneers in the sector, which was experiencing rapid growth.
According to the Luno CEO, regulators have an important role to play in the success of the crypto sector. He added that Malaysia has always been a leader when it comes to crypto adoption. The CEO noted that Malaysia understood the important role that digital assets had to play in the world economy. He added that they would work with their clients to ensure that they could safely trade in Bitcoin and Ethereum as well as other digital assets that may be approved by the regulator in the future.
All Malaysians in any part of the country can access the mobile and desktop versions of the Luno exchange. It is worth noting that Luno will not provide the cryptocurrency that will be traded. Instead, it will merely be a platform where citizens of the nation can trade in Ethereum and Bitcoin.
Crypto Regulation is Gaining Traction
More regulators around the world are beginning to realize that regulating the crypto industry is more beneficial for their citizenry than banning the industry. This provides citizens with all the legal protections they need for their crypto investments. It also allows regulators to gather information and gain more insight into how crypto works. The result is that the regulators and the citizens become better positioned to benefit from the growing crypto sector.
A good example of his forward-looking regulation is the UK. The nation recently re-classified crypto as property. The result is that UK citizens will now enjoy the full protection of the law when they trade in crypto. This move is likely to spur the development of the cryptocurrency sector as well as the underlying blockchain technology. It will position the UK as an important center for the industry, which will no doubt have major economic benefits for the nation as a whole.
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