Luno: Fueling Malaysia’s Crypto Growth

Luno: Fueling Malaysia’s Crypto Growth

by May 23, 2023

In the rapidly evolving world of cryptocurrency, Malaysia faces unique challenges and opportunities in meeting the growing demand for digital assets. 

Luno, a cryptocurrency exchange platform, is aiming to address these challenges head-on while ensuring a conducive and sustainable environment for crypto trading.

Recently, the platform has recently appointed Aaron Tang as the APAC General Manager and welcomed Scarlett Chai as the new Country Manager for Malaysia.

Luno has experienced substantial growth, with over 800,000 Malaysian users recorded by the end of 2022, representing an impressive year-on-year increase of 11.3 percent. 

Expanding crypto education and awareness

Recognizing the significance of expanding crypto education beyond the basics, Scarlett highlighted Luno’s commitment to empower Malaysian investors with comprehensive knowledge and skills.

The platform has successfully transformed informative webinars into easily digestible bite-size content, making them accessible and engaging for users.

Luno Paves the Way for Cryptocurrency Education and Growth in Malaysia

Scarlett Chai

Scarlett shared, “Our platform isn’t limited to online interactions. We actively partake in offline events and exhibitions, offering engaging face-to-face interactions, educational sessions, and compelling demonstrations. We value this direct engagement with the community.'”

One example is the “Move with Luno” featuring ambassadors such as Pandelela Rinong and Zaquan Adha , which served as a dynamic catalyst to empower Malaysians by promoting financial literacy and dispelling misconceptions around cryptocurrencies.

A key campaign component was a mobile truck activation that brought education about Bitcoin and cryptocurrencies to various locations. Participants learned about these digital assets and engaged in exercise, creating a memorable and immersive experience that resonated with the public.

Transparency, compliance, and association formation

Luno prioritizes transparency and compliance, ensuring the security of investors’ funds and building trust in the platform.

Scarlett highlighted the importance of open communication with regulators, particularly the Securities Commission Malaysia. They engaged in discussions regarding new offerings, market trends, and strict adherence to regulations.

The platform actively engages with regulators to explore opportunities for incorporating features that align with evolving regulations. Although specific details cannot be disclosed, the platform said it diligently explores avenues for introducing compliant and new features.

Additionally, Luno contributes to the Malaysian Digital Asset Exchange Platform Association (MDAPA), addressing common concerns and advocating for industry interests.

The platform’s collaborations aim to establish a sustainable and supportive environment for crypto trading, fostering the growth of the cryptocurrency market in Malaysia while protecting investors’ interests.

Strategic priorities for the coming years

Luno’s strategic focus in Malaysia revolves around enhancing user experience, expanding cryptocurrency options, and streamlining the onboarding process.

The company has introduced a comprehensive tiered referral program to enhance its user-friendly platform. This program incentivizes users to refer others and regularly invest in cryptocurrencies.

In addition, a new “Multibuy” feature has been implemented to enhance trading. This feature allows investors to diversify their portfolios with a single click.

“This streamlined process offers users the choice between popular pre-selected coin combinations or personalized selections. Over 2,000 customers have already embraced this feature, with personalized combos being the most favored option,” Scarlett explained.

Investors appreciate the freedom of selecting their preferred coins while enjoying reduced fees, creating a mutually beneficial arrangement.

Luno Paves the Way for Cryptocurrency Education and Growth in Malaysia

In line with its commitment to expanding cryptocurrency offerings, Luno has added Avalanche (AVAX) to its platform, providing users with an even broader range of investment options.

Embracing nuances of different markets

As Luno’s APAC General Manager, Aaron acknowledges the favorable and dynamic regulatory landscapes in different regional countries. He sees these unique aspects as opportunities to exchange knowledge and experiences, ensuring that the platform’s offerings align with local requirements.

Luno Paves the Way for Cryptocurrency Education and Growth in Malaysia

Aaron Tang

“Engaging with regulators and industry players allows us to learn from different markets and tailor our offerings accordingly. While striving for consistency in our product offering, we prioritize respecting and complying with local regulations to ensure users a safe and secure trading environment,” Aaron emphasized.

Aaron shared that after careful consideration, the platform discontinued its services in Singapore due to unfavourable market circumstances and the local environment, which was less conducive for a retail-focused platform like Luno.

“Many crypto-related companies in Singapore shifted their focus to the business-to-business model, but Luno maintained a strong retail focus. To maximize our chances of success, we prioritized key markets in Southeast Asia, where we observed higher user activity and engagement,” added Aaron, highlighting Luno’s strategic approach to market selection and growth.

Evolving needs and expectations of retail and institutional investors

The platform understands the importance of continuously monitoring and responding to retail and institutional investors’ evolving needs and expectations. 

By closely studying customer demand, the platform identified trends and preferences that shape its product offerings. 

“Retail investors have shown increased interest in products that generate yields or rewards, seeking opportunities beyond short-term gains,” said Aaron.

Luno is exploring options such as bundled products to cater to these demands. On the institutional side, traditional financial institutions are becoming more interested in crypto, paving the way for potential crypto-focused funds and other institutional services. 

“We remain committed to working with regulators to ensure compliance and provide responsible investment opportunities for retail and institutional investors,” he added.

Navigating risks and opportunities in the crypto market

In the dynamic crypto market, a vigilant approach and continuous awareness are crucial for navigating risks and capitalizing on opportunities.

Scarlett emphasized the importance of thorough research and understanding cryptocurrencies before investing. This enables informed decision-making and risk mitigation.

“Staying updated with news and market trends is vital for informed investment choices. Diversifying portfolios and aligning strategies with risk appetite is important. Above all, selecting a reliable, regulated platform safeguards investors’ funds,” Scarlett emphasized.

Aaron further highlighted that trust and responsible growth form the core of Luno’s business strategy.

“Building and maintaining customer trust is of utmost importance to Luno as we strive for a long-term presence in the crypto industry,” he said.

Luno cultivates trust through responsible practices, strict compliance with regulations, and a strong focus on customer satisfaction, establishing itself as a reliable and customer-centric crypto platform.

With a vision that extends beyond immediate gains, Luno aims to be a consistent and trustworthy ally to customers, accompanying them on their cryptocurrency journey for years to come.

Click here to start your cryptocurrency journey with Luno today and experience secure and user-friendly trading. Sign up now to explore the world of digital assets!