KUCHING: Luno will invest in Malaysia and open up a hub in Kuala Lumpur by the first quarter of 2019 following Budget 2019 initiatives which will see the government setting up a new regulatory framework to approve and monitor “Digital Coins and Token Exchanges”.
This means that cryptocurrency exchanges in Malaysia will be licensed and regulated under the purview of the Securities Commission. Luno welcomes this positive news from the forward-thinking government that understands the importance of embracing new, disruptive technologies.
In response to these positive developments in the Malaysian regulatory landscape that foster the financial services industry and drive enterprise, Luno has taken the decision to open a hub in Kuala Lumpur by 1Q19.
This centre is expected to generate up to 50 high-skilled jobs within 2019 alone and will house Luno’s world-class customer success team to support not only consumers in South-East Asia, but also address the needs of Luno users across Europe and Africa.
David Low, Head of South-East Asia at Luno said; “We believe that the cryptocurrency industry holds tremendous promise for Malaysia and we look forward to helping position Malaysia as the leader of digital revolution in South-East Asia.
“Upgrading to this new, better financial system will empower billions of people by ultimately lowering their cost of living, providing them with more and better economic opportunities, giving them easier access to the existing global online economy as well as new decentralised products and services, increase the value retention of their wealth, and overall providing more financial freedom.”
Luno will continue to invest heavily in Malaysia, both in terms of foreign-direct-investment and developing a skilled workforce as the cryptocurrency and Blockchain industry continue to grow. Over the next 5 years, Luno expects to potentially inject more than RM 25 million into the Malaysian economy, creating over 100 high-skilled jobs.
Luno’s new Malaysian headquarters will also serve as an education and training hub, to help educate government regulators, financial institutions, corporations and the general public about cryptocurrencies and Blockchain. This is in-line with Luno’s core belief that education is absolutely necessary on the path to upgrading the world to a better financial system.