Luno, a blockchain and crypto wallet services provider, revealed that the Securities Commission of Malaysia has granted approval for the company to provide a digital asset exchange, making it the first crypto wallet to be legally recognized in the nation.

Introducing Malaysia’s First Fully Approved Crypto Wallet

According to Soyacincau, Luno announced that it is now a Recognised Market Operator (Digital Asset Exchange) and is now “relaunched” in the country. Luno has already been offering its services in Malaysia since 2015 and is currently the biggest digital asset exchange in the nation.

Marcus Swanepoel, CEO of Luno, said changes are happening in Malaysia, especially among regulating bodies.

“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,” said Swanepoel.

Pioneering the Digital Asset Market in Malaysia

The Luno CEO added that regulators are playing a key role in helping companies to develop their products and services under the existing framework.

“Malaysia as a market 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 that they can safely buy, sell, and store Bitcoin and Ethereum, as well as future digital assets that are approved by the SC,” said Swanepoel.

Luno offers a platform for Malaysians to purchase, sell, and store cryptocurrencies such as Bitcoin and Ethereum.