Luno Malaysia back in business

by AFIQ AZIZ/ pic by TMR

LUNO Malaysia Sdn Bhd, one of the three Digital Asset Exchanges (DAXs) with full approval from the Securities Commission Malaysia (SC), has resumed trading cryptocurrencies in its platform.

Since January, Luno and other 42 DAXs operating in the country were prevented from taking new depositors while allowing the existing clients to facilitate their asset through platforms.

Of the total, the SC has approved three platforms in June, namely Luno, Sinegy Technologies (M) Sdn Bhd and Tokenize Technology (M) Sdn Bhd, and gave them nine months to fully comply with requirements and secure full approval.

Luno South-East Asia GM David Low said the regulator has confirmed it has met all the required conditions and can now offer Malaysians the opportunity to buy, sell and store cryptocurrency on its platform.

It is also the first-ever approval by SC to licence a DAX operator in this country.

“We are extremely grateful to the SC for confirming Luno as a Recognised 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 exchange in 2017,” he noted in a statement yesterday.

The London-based DAX subsequently sets up its physical office in the country in the first quarter of 2018.

Meanwhile, Tokenize Exchange founder, CEO and CTO Hong Qi Yu told The Malaysian Reserve Tokenize Technology is expected to obtain SC full approval before December and all related documents have been submitted to the authority.

“We are almost complete while waiting for the green light by the SC, as they will do the assessment on us,” he said at the SCxSC Fintech Conference 2019 in Kuala Lumpur yesterday.

Compared to its Singaporeanbased Tokenize Exchange, Tokenize Technology’s platform will be a standalone entity dedicated solely for Malaysia residents.

Hong said the company has received between 300 and 400 inquiries since obtaining the conditional approval through various channels.

“I believe the Malaysian market, where less than 2% of the population has knowledge in cryptocurrency, is a huge untapped segment that we can work into.”

SC executive chairman Datuk Syed Zaid Syed Jaffar Albar said all DAXs operators are on track to obtain the full approval before February 2020.

When asked on the possibility to approve more DAX players, Syed Zaid said: “We have three now and we will see (more), as we will always be very facilitative and make our judgement based on application.”