Luno now registered with BNM as reporting institution for digital currencies

KU ALA LUMP UR: Lu no Malaysia have formally registered with Bank Negara Malaysia (BNM) as a reporting institution as required by the policy document: AntiMoney Laundering and Counter Financing of Terrorism (AML/ CFT) - Digital Currencies (Sector 6).

The policy document sets out the minimum requirements and standards that a reporting institution must observe -- to increase the transparency of activities relating to digital currencies and ensure effective and robust AML/CFT control measures are put in place.

“We view any steps toward regulation of digital currencies as a very positive sign,” Luno’s head of Countries Vijay Ayyar said. “We will continue engaging with various government agencies to ensure that the industry is well understood and that risks are mitigated. We have been working closely with BNM over the past year and similarly with many other regulators globally”.

Meanwhile, Luno has also begun processing pending withdrawals in Malaysia since March 29, 2018.

It had previously been unable to process withdrawals and deposits due to a temporary freeze on their Maybank bank account.

Currently, pending withdrawals are being processed in batches, while Luno continues to work on a long-term solution to process both ringgit withdrawals and deposits in Malaysia.

“Enabling Malaysian customers to have access to their funds is our main priority,” Luno Malaysia’s Country manager David Low said.

“We are also testing other solutions for processing both deposits and withdrawals, which will allow us to resume full services in Malaysia. Malaysia, and more broadly Southeast Asia, is critical to our mission to bring digital currencies to everyone, everywhere.”

Luno a popular Bitcoin platform which makes it easy for people to buy, sell, store and learn about digital currencies. With a team of over 80 people – and offices in London, Singapore, Cape Town andnowKuala Lumpur – Luno aims to solidify its position as the number one digital currency wallet and exchange in Malaysia.