Luno, the provider of the Bitcoin wallet and cryptocurrency purchase and sale services, announced the resumption of work in Malaysia, from where it was forced to leave in early 2018 after pressure from local authorities.
According to Luno representatives, the return to the market of this Asian country was made possible by obtaining a license from the Malaysian Securities Commission, the first for cryptocurrency companies.
We are seeing a revolution in global financial services with the adoption and use of cryptocurrencies but this is not going to be an overnight change. Regulators like the Securities Commission, here in Malaysia, who work with new digital assets and blockchain technology are showing real leadership in the sector. They are opening up the way for investors, traders and individuals in the country to maximise the benefits of a new financial system.
The company was founded in 2013 as BitX and rebranded in January 2017. Then she joined the regulatory sandbox of the UK Financial Supervision Authority. Besides continental Europe, Luno also operates in Indonesia, Nigeria and South Africa.
In Malaysia, however, things did not go so smoothly: in January 2018, the bank account of the company in this country was blocked. The reason was then called the intention of the fiscal authorities of the country to check the company for possible tax evasion. After some time, Luno completely stopped work in Malaysia.
Malaysia has always been at the forefront of cryptocurrency adoption and knows the importance of digital assets in today’s global economy. By working with our clients we aim to make sure they can safely buy, sell and store Bitcoin and Ethereum, as well as future digital assets that are approved by the SC. At present, a lot of digital assets are used for speculation but as their role in exchanging value between entities grows, we know they will become an integral part of business.
Luno plans to resume operations in Singapore, where the necessary bank accounts have already been opened.