Luno, the cryptocurrency exchange platform of Malaysia, has now received approval from the Securities Commission of Malaysia to enable the users to engage in Bitcoin Cash trading and investment. Bitcoin Cash is the fifth approved cryptocurrency of Malaysia, and the other approved cryptos of the country include Litecoin, Ripple, Ethereum, and Bitcoin. The approval for the cryptocurrency, Bitcoin Cash, was revealed by Chin Wei Min, the Executive Director for Digital Strategy and Innovation of the Securities Commission, during his live interview at Fintech News Malaysia. The Executive Director believes that such a method of approving the cryptocurrency before green signaling it for trade and commerce is not counterproductive but is in tandem with the rising market demand for crypto assets. Malaysia had begun crypto trading and investment with only three cryptos, but today the country allows five cryptocurrencies.
According to the new status of Luno, the registered users of the platform shall be able to buy, sell, and keep Bitcoin Cash in storage at the wallet linked with the platform. At present, the price of Bitcoin Cash is almost RM4,178, while that of Bitcoin is RM240,133.
Apart from allowing the trade of Bitcoin Cash, the platform is also set to waive off the extra FPX fee of 70 sen that is imposed upon the users who seek to make instant deposits at Luno. The fee cut down shall be made effective on and from 5th May 2021 for instant deposits of RM 100 or more. It is important to note that Luno is one of the three approved DAXes (Digital Asset Exchanges) of Malaysia and, therefore, one of the most popular cryptocurrency exchanges in the country.