Luno Crypto Exchange Now Accepted in Malaysia
Fintech investment, which refers to the integration of technology into financial service companies’ offerings, arrives with regulations that work for everyone and allows investors to feel that their money is safe. This is why more countries are regulating the crypto market to help businesses and individuals attract investors.
Malaysia is one Asian country that has been making a significant effort in trying to lure fintech investors. As part of the overhaul, they have been setting stringent standards on how exchange platforms can operate in the country.
The changes are needed because, to date, Malaysia has not enjoyed the great cryptocurrency adoption within its borders that have been experienced elsewhere. With so much to be gained from crypto and the adjoined investments it brings, Malaysia is starting to recognize that they have been missing out. What’s good is that they are now doing something about it.
By having local exchange platforms that use secure and the best practices, more locals and business owners are likely to adopt crypto and make it a part of their operations. One of the few platforms that have been able to meet Malaysia’s financial regulator’s strict standards is Luno.
What Is Luno?
Luno was previously known as Bitx and is not new to the crypto scene. They have already amassed a huge customer base exceeding three-million users. These users are enjoying the benefits of their exchange, as well as their acclaimed Luno Bitcoin wallet and an informative blog with crypto content.
Their products and services can be accessed from 40 countries with offices in Singapore, Indonesia, Nigeria, South Africa, Malaysia itself – and headquarters in London. They are undoubtedly a worldwide operator functioning across continents.
Malaysia’s Crypto Crackdown
At the time that Malaysia introduced new regulations and standards, there were 19 exchange platforms in operation. These changes promoted must higher standards and the result was that this reduced to only three – one of them being the Luno exchange.
This highlights the great lengths that Malaysian authorities have gone to so they can ensure the best standards and more investment. It also indicates that Luno is willing to go the extra mile to be leaders in the exchange market and make sure their users are protected.
The Potential of Luno’s Platform in Malaysia
The aforementioned benefit of having platforms like Luno in Malaysia will increase the appeal of fintech investors looking to Malaysia as a place to invest. This is because it can help Malaysian retail outlets, food and beverage companies, healthcare and the tech sector to include crypto in their operations. It is one building block in the foundations of safe investment space.
Although Malaysia may be lacking behind on crypto use and investment, these changes along with others will pave the way and enable them to play catch up. You can expect to see a thriving Malaysian crypto market in the future, with Luno at its heart.
This article has been published in accordance with Socialnomics’s disclosure policy.
