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Hata receives in-principle approval to be fifth Malaysian digital exchangeThe new exchange was founded by an executive from Malaysian market leader Luno. It will target investors, businesses, and high-net-worth individuals.
The Malaysia-based Hata has received in-principle approval from Securities Commission Malaysia (SC) to register as a Recognized Market Operator (RMO) as a digital asset exchange and digital broker. The approval means Hata could launch its services in six to nine months.
Hata will becomethe fifth regulated digital asset exchange in Malaysia and the first legal entity to receiveapproval as a digital broker, allowing it to display trade orders from other regulated exchanges. Hata also received a money broker license from the Labuan Financial Services Authority in June, allowing it to exchange USD. The Labuan International Business and Financial Centre is a special economic zone.
Related: Malaysia enlists China to help end USD dependence for trade
Hata was co-founded by David Low, who left Luno, Malaysia’s largestcrypto exchange by far, in April. Low oversaw Luno’s debut as Malaysia’s first digital asset exchange in 2019. Low saidin a statement:
“We plan to make digital assets investing easier for institutional investors, businesses, and high-net-worth individuals in Malaysia.”
Other crypto exchanges have tried to crack the Malaysian market. SC ordered Binance to cease operationsin the country in July 2020 for lack of RMO status, although the exchange did not close down thereuntil a year later. Binance found its way back to Malaysia in March, when it bought a stake in RMO MX Global. Huobi Global (now HTX) was told to close in Malaysiain May, also for not registering with SC.
David Low-Led Hata to Become Malaysia’s 5th Regulated Digital Asset Exchange https://t.co/dj1AdDzuXG#fintech#blockchain#digitalaseet
— FintechNews Malaysia (@FintechNewsMy) October 9, 2023
Malaysians also have the option of trading crypto on an app offered by Kenanga Investment Bank Berhad. The large private bank partnered with China’s Ant Group in August 2022 to launch a wallet and trading app.
Magazine: China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival: Asia Express
Malaysian Crypto Firm Hata Receives Green Light From Malaysian Regulators to Run 'Digital Asset Exchange' – Adoption on the Rise?Malaysian Crypto Firm Hata Receives Green Light From Malaysian Regulators to Run 'Digital Asset Exchange' – Adoption on the Rise?
Source: Pixabay
The Malaysian financial regulator – Securities Commission Malaysia (SC) – has granted in-principal approval to cryptocurrencyexchange and digital broker Hata.
The approval marks Hata as a Recognized Market Operator (RMO) and the 5thregulated digital asset exchange (DAX) in the country, operating alongside existing players such as Luno.
Per an announcementTuesday, Hata also received a Money Broker license from Malaysia’s Labuan Financial Services Authority, a federal island territory, in June for its US Dollar exchange.
The platform noted that it will be working towards receiving a full license from the Malaysian securities regulator “before it opens its platform to customers in Malaysia by early 2024.”
Other registered digital asset exchangesin Malaysia include Luno, MX Global, Sinegy DAX and Tokenize Technology. The regulator has also listed exchanges and crypto service providers such as Upbit Malaysia, Bitpoint, Xbit, which are not allowed to continue operations in the country.
With the in-principal license, the exchange aims to make crypto investing a lot easier for institutional investors, individual high-net-worth persons and businesses in the country.
“With the goal of challenging the existing norms, we plan to make digital asset investing easier to both institutional investors, businesses and high-net-worth individuals in Malaysia and we look forward to launching our platform soon,” said David Low, CEO of Hata.
Furthermore, Hata is also in talks with several potential partners ad investor interests in the Asia Pacific region and particularly in Singapore. Especially at a time when the city-state is seeing significant growth in the digital asset space, despite market setbacks last year.The new exchange was founded by an executive from Malaysian market leader Luno. It will target investors, businesses, and high-net-worth individuals. The Malaysia-based Hata has received in-principle approval from Securities Commission Malaysia (SC) to register as a Recognized Market Operator (RMO) as a digital asset exchange and digital broker. The approval means Hata could launch its services in six to nine months. Hata will becomethe fifth regulated digital asset exchange in Malaysia and the first legal entity to receiveapproval as a digital broker, allowing it to display trade orders from other regulated exchanges. Hata also received a money broker license from the Labuan Financial Services Authority in June, allowing it to exchange USD. The Labuan International Business and Financial Centre is a special economic zone. Related: Malaysia enlists China to help end USD dependence for trade Hata was co-founded by David Low, who left Luno, Malaysia’s largestcrypto exchange by far, in April. Low oversaw Luno’s debut as Malaysia’s first digital asset exchange in 2019. Low saidin a statement: “We plan to make digital assets investing easier for institutional investors, businesses, and high-net-worth individuals in Malaysia.” Other crypto exchanges have tried to crack the Malaysian market. SC ordered Binance to cease operationsin the country in July 2020 for lack of RMO status, although the exchange did not close down thereuntil a year later. Binance found its way back to Malaysia in March, when it bought a stake in RMO MX Global. Huobi Global (now HTX) was told to close in Malaysiain May, also for not registering with SC. David Low-Led Hata to Become Malaysia’s 5th Regulated Digital Asset Exchange https://t.co/dj1AdDzuXG#fintech#blockchain#digitalaseet — FintechNews Malaysia (@FintechNewsMy) October 9, 2023 Malaysians also have the option of trading crypto on an app offered by Kenanga Investment Bank Berhad. The large private bank partnered with China’s Ant Group in August 2022 to launch a wallet and trading app. Magazine: China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival: Asia Express