Hata Gains Preliminary Approval to Become Malaysia's 5th Regulated Digital Asset Exchange

Published 7 months ago

The Securities Commission Malaysia (SC) has given in-principle approval to Hata, a digital asset exchange and digital broker, to register as a Recognized Market Operator (RMO). This move sets Hata on track to becoming Malaysia’s fifth regulated digital asset exchange.

Aiming to Simplify Digital Asset Investing

Hata is focused on obtaining full approvals from the SC and plans to launch its platform in early 2024. The firm’s ambition is to simplify digital asset investing for institutional investors, businesses, and high-net-worth individuals in Malaysia.

Approval to Operate as a Digital Broker

On top of this, Hata has secured in-principle approval to function as a Digital Broker in Malaysia, claiming to be the first to have received such approval. The company has also recently attained a Money Broker license from the Labuan Financial Services Authority.

Leadership Team

Hata’s leadership team includes founder and CEO David Low, who previously served as the APAC General Manager of Luno and spearheaded its digital asset exchange application and launch in 2019. Darien Ng holds the role of Chief Revenue Officer, and Chong Kwai Kun serves as the Chief Technology Officer.

Existing Regulated Digital Asset Exchanges

Malaysia currently has four other regulated digital asset exchanges: Luno Malaysia, MX Global, SINEGY DAX, and Tokenize Technology.

A Vote of Confidence in the Digital Asset Industry

David Low, CEO of Hata, views the SC’s decision as a vote of confidence in the digital asset industry. He stated, “With the goal of challenging the existing norms, we plan to make digital asset investing easier for both institutional investors, businesses, and high-net-worth individuals in Malaysia and we look forward to launching our platform soon”.

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