Malaysia Digital Asset Cryptocurrency Exchange Banking
【朗報】Hata Receives Approval to Register as Digital Asset Exchange and Broker in Malaysia
Hata Receives In-Principle Approval from Securities Commission Malaysia
Malaysia-based company Hata has received in-principle approval from the Securities Commission Malaysia (SC) to register as a Recognized Market Operator (RMO). This approval allows Hata to operate as a digital asset exchange and digital broker in the country. As a result, Hata is expected to launch its services within the next six to nine months. This is a significant development for the company, as it will become the fifth regulated digital asset exchange in Malaysia.
First Legal Entity to Receive Approval as Digital Broker
In addition to being approved as a digital asset exchange, Hata is also the first legal entity to receive approval as a digital broker in Malaysia. This means that Hata will be able to display trade orders from other regulated exchanges, providing a wider range of investment options for its users.
Plans to Make Digital Assets Investing Easier
Hata was co-founded by David Low, who previously worked at Luno, Malaysia's largest crypto exchange. Low stated that Hata's goal is to make digital assets investing easier for institutional investors, businesses, and high-net-worth individuals in Malaysia. With its newly acquired approvals, Hata aims to cater to the increasing demand for digital asset investments in the country.
Other Crypto Exchanges' Challenges in Malaysia
Hata's approval comes at a time when other crypto exchanges have faced challenges in Malaysia. Binance, for instance, was ordered to cease operations in the country in July 2020 due to its lack of RMO status. Although Binance did not shut down completely until a year later, it recently returned to Malaysia by acquiring a stake in RMO MX Global. Similarly, Huobi Global was also instructed to close in Malaysia in May for its failure to register with the Securities Commission Malaysia.
Overall, Hata's approval as a digital asset exchange and broker in Malaysia is a positive development for the company and the crypto industry in the country. It will provide Malaysians with more options for trading and investing in digital assets, further driving the growth of the sector.