Does this apply to me?
Only if your Luno account is verified in Malaysia.
You need to contact the Central Bank of Malaysia (BNM) and apply for an approval letter or foreign exchange licence to increase your limit for investment in foreign currency assets.
The imposed annual limit on foreign exchange for resident individuals and entities with DRB is RM 1 million and RM 50 million respectively. If you’ve exceeded your limit, you’ll need to provide us with an approval letter from BNM before you can send any more crypto.
Tip
Not sure how the foreign exchange limit works? Read more on what foreign exchange information is and why Luno needs it.
What to do next
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Register for an account on BNM's Foreign Exchange Policy portal
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You'll receive an email from BNM once you've registered. Activate your account by following the link in that email
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Go to the login page and sign in with the email and password you provided when registering
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Enter the OTP sent to your email
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On the FEP portal, select Administration then Update Applicant Profile
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Expand the Details of Entity section and select the plus sign
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Fill in at least the required fields, then select Save
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At the top of the screen, select Application then Submit application
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In the Form Selection window, select Investment Abroad, add the IA-OT form for Others (Including Portfolio), then Confirm
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Complete your application and press Submit to send it to BNM for review
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When you’ve received your approval letter from BNM, you can send it here
We’ll confirm the approval and notify you when crypto sends have been restored to your account.
Tip
Learn how to use BNM’s foreign exchange portal.
We’ll review your BNM letter and let you know what the outcome is. There are three possibilities:
Unfortunately, your request for custom limits has been denied. You won’t be able to send more crypto to foreign exchanges for the rest of the year, until the limit resets with the start of the new calendar year.
Your request for custom limits have been approved. We’ll notify you once crypto sends have been restored to your account, and let you know what your new limit is.
Your request for custom limits have been approved. You will not have any limit on the amount of crypto you can send to a foreign exchange.
Note
Updated send limits only apply for the rest of the year. When the new calendar year starts, your limits will be reset to the original threshold.