The Securities Commission Malaysia (SC) has recently granted in-principle approval to cryptocurrency exchange and digital broker, Hata, marking Hata as a Recognized Market Operator (RMO) and the fifth regulated digital asset exchange (DAX) in the country. This approval positions Hata alongside existing players in the industry, such as Luno.
Hata has also obtained a Money Broker license from Malaysia’s Labuan Financial Services Authority for its US Dollar exchange, solidifying its position as a reputable player in the financial market. The platform has expressed its commitment to obtaining a full license from the Malaysian securities regulator before officially opening its platform to customers in Malaysia by early 2024.
Expanding Accessibility for Crypto Investors
By securing the in-principal license, Hata aims to make crypto investing more accessible for institutional investors, individuals with high-net-worth, and businesses in Malaysia. David Low, CEO of Hata, stated, “With the goal of challenging the existing norms, we plan to make digital asset investing easier for institutional investors, businesses, and high-net-worth individuals in Malaysia, and we look forward to launching our platform soon.”
Additionally, Hata is actively engaging in discussions with potential partners and investors in the Asia Pacific region, with a particular focus on the flourishing market in Singapore. Despite market setbacks in the previous year, Singapore is experiencing significant growth in the digital asset space, making it an attractive hub for Hata.
