Crypto exchange Luno Malaysia has reiterated its commitment to support and advance Malaysia’s digital asset landscape in 2023, specifically through proactive outreach and close collaboration with local regulators. This comes as Luno reports that its total number of customers has increased by more than 11.3% year-on-year despite a challenging market in 2021, amounting to over 800,000 customers at the end of 2022.

In a statement, Luno said that this growth in its customer base indicated a sustained customer demand for cryptocurrencies in Malaysia, as well as a shift in investors’ mindset in adopting a longer-term perspective with regard to their digital asset investments. More importantly, it also highlighted their confidence in crypto’s future potential.

As such, Luno said that it aims to continue serving as a platform that not only allows Malaysians to invest safely, conveniently, and responsibly, but also educates its investors through resources that are made accessible to all.

“Luno has consistently been supporting and building Malaysia’s digital landscape through our close collaboration with local regulators such as the Securities Commission (SC). Per SC requirements, customer funds from Luno Malaysia are segregated from corporate funds, and stored safely according to industry-leading principles. Luno’s stringent compliance with local regulations provides all investors with peace of mind in further building their investment portfolios,” said the country manager of Luno Malaysia, Aaron Tang.

Luno also highlighted several initiatives and outreach programmes that it undertook in 2021 to be more inclusive, as well as to educate the public on the long-term prospects of digital assets. One such effort is the localisation of the Luno app in Bahasa Melayu, thereby enabling over 18,000 customers to invest using BM as their primary app language.

Additionally, Luno became the official crypto investment partner and co-sponsor of the Liga Super Malaysia (MFL) and Piala Malaysia, in a bid to raise awareness on cryptocurrency and investing among young Malaysians. This is on top of its Move with Luno campaign, which saw Olympic diver Pandalela Rinong and national footballer Zaquan Adha becoming Luno’s ambassadors.

Other efforts by Luno to improve its users’ investing experience on the app were also introduced, including adding several new coins last year to cater to investors’ increasing appetite for alternative coins, namely Chainlink (LINK), Uniswap (UNI), Cardano (ADA), and Solana (SOL). Additionally, it rolled out the Multiple Coins feature that lets investors buy multiple coins at one go at a reduced fee, and revamped its Luno Rewards feature so that investors are encouraged to invest more regularly.

Moving forward, Luno said that it believes more needs to be done in terms of education, especially as the crypto market has shown some signs of improving. The price of Bitcoin, for instance, recently rose to RM130,000, performing much better than the price back in November 2022 (RM67,000 to RM71,000). Correspondingly, the Crypto Fear and Greed Index also hit its highest index score thus far into 2023, at a score of 68 in March. Briefly, this index measures investors’ sentiments with regard to the crypto market; the higher the score, the “greedier” investors are for crypto.

“We remain committed to supporting the nation’s digital agenda through our proactive outreach by increasing awareness through education, and ongoing commitments to ensuring responsible governance. Regardless of the conditions at play, we will continue creating awareness and driving education efforts for the Malaysian public on the long-term value and prospects of digital assets,” said Tang.

• TAGS:
• Aaron Tang
• Cardano
• Chainlink
• Crypto Fear and Greed Index
• Luno
• Luno Malaysia
• Luno Multiple Coins
• Malaysia Football League
• Mohamad Zaquan Adha
• Move With Luno
• Pandalela Rinong
• Piala Malaysia
• Securities Commission Malaysia
• Solana
• Uniswap