Luno Malaysia, a prominent digital asset exchange (DAX), has announced plans to expand its platform by adding five new cryptocurrencies in 2024. This expansion is pending approval from the Securities Commission Malaysia (SC), ensuring regulatory compliance and investor protection.
The platform currently supports 11 digital assets, including major coins like Bitcoin (BTC), Ether (ETH), and Ripple (XRP). Last year, Luno enhanced its offerings by integrating Avalanche (AVAX) and Polygon (MATIC), reflecting its commitment to diversifying investment options for Malaysian users.
Planned Additions and Regulatory Collaboration
Luno's Country Manager, Scarlett Chai, emphasized the company’s collaborative approach with regulatory authorities. "We work closely with the Securities Commission Malaysia and will continue on that journey as we bring more offerings to people in Malaysia," she stated. While Chai did not disclose the specific cryptocurrencies under consideration, the exchange has indicated through official notices that Polkadot (DOT) and Cosmos (ATOM) are likely candidates for future listing.
No definitive timeline has been provided for the rollout, as the process depends on regulatory greenlights and technical integration. This cautious approach aligns with industry best practices for secure and compliant digital asset trading.
Enhanced Platform Features for Users
Beyond expanding its coin selection, Luno has introduced several features to improve user experience and convenience. These include:
- Staking Options: Users can now stake ETH and Cardano (ADA) to earn rewards directly through the platform.
- Flexible Deposits: Integration with popular e-wallet TNG eWallet allows seamless fund transfers into Luno Wallets.
- Transparency Initiatives: Monthly proof-of-reserve reports are published to verify holdings and enhance trust.
These updates cater to growing investor demand for diversified financial products and transparent operations.
Commitment to Financial Literacy and Security
With over 840,000 users in Malaysia, Luno recognizes its role in promoting financial education and security. The company actively participates in national scam awareness campaigns and collaborates with financial institutions to educate the public. Initiatives include university workshops focused on digital wealth management and scam prevention.
Chai highlighted the evolving investment landscape, noting, "Investors are moving into an era where traditional finance and digital assets blend, as they seek more ways to diversify their portfolios." This trend underscores the importance of reliable platforms and informed decision-making.
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Frequently Asked Questions
What cryptocurrencies does Luno Malaysia currently support?
Luno offers 11 cryptocurrencies, including Bitcoin, Ether, Ripple, Avalanche, and Polygon. The platform is planning to add five more coins pending regulatory approval.
How does Luno ensure the security of user assets?
Luno employs robust security measures, including monthly proof-of-reserve audits and compliance with local regulations. These steps ensure transparency and protect investor holdings.
Can users stake cryptocurrencies on Luno?
Yes, staking is available for Ether and Cardano, allowing users to earn rewards by participating in network validation directly through the platform.
What educational resources does Luno provide?
Luno engages in community events, scam awareness campaigns, and university workshops to improve financial literacy and promote safe investment practices.
How can users deposit funds into their Luno Wallet?
Users can add funds via bank transfers or through integrated e-wallets like TNG eWallet, offering flexibility and convenience for Malaysian investors.
When will the new cryptocurrencies be available?
The timeline depends on regulatory approval from the Securities Commission Malaysia. Luno has not announced a specific date but confirms ongoing collaboration with authorities.