Fresh from receiving regulatory approval from the Securities Commission Malaysian SC) in October, Luno has appointed AmBank as its primary banker to support the operations of its cryptocurrency exchange.
Luno is the first cryptocurrency exchange in the country that is a Recognised Market Operator (Digital Asset Exchange)—allowing Malaysian investors to trade Bitcoin (BTC) and Ethereum (ETH) in Malaysian Ringgit (MYR). Headquartered in London, Luno has been proactively working with bank and authorities throughout the region.
Part of the guidelines imposed by the SC include having approved know-your-customer (KYC), Anti Money Laundering (AML) and counter-terrorism financing (CFT) checks in place, as well as to report suspicious transactions to both Bank Negara Malaysia and the Securities Commission.
AmBank has invested in developing an infrastructure in accordance with regulatory requirements that allows for transaction monitoring and customised reconciliation. It is the first conventional bank in the country to offer banking services to a regulated cryptocurrency exchange.
Luno’s customer funds are maintained in an AmBank Trust Account, as per SC requirements, complemented with a cash management solution that allows customers easy access to trade on the exchange.
Customers can seamlessly top up their Luno wallet and withdraw funds via online banking or through the Luno mobile app available on iOS and Android.
Luno first entered the Malaysian market in 2015 and quickly became the largest digital asset exchange in Malaysia in 2017. Its journey has not been smooth sailing, as financial authorities grappled with the concept of cryptocurrency and attempt to regulate the industry. Malaysia is not an exception; countries the world over have taken steps to regulate digital assets and digital asset exchanges.
The objectives are fundamentally the same: regulation provides clarity for companies to operate within frameworks and standards, ultimately to increase trust and weed out bad actors in the industry.
At the time of posting, Bitcoin (BTC) is priced at MYR30,099, while Ethereum (ETH) currently sits at MYR596.661 (3.17PM @ MYT).
For more information about Luno, visit www.luno.com
