HATA

Hata, a Malaysia-based digital asset firm, has received preliminary approval from the Securities Commission Malaysia (SC) to become a Recognized Market Operator (RMO) for digital asset exchange and digital brokerage services.

Hata was co-founded by David Low, a former executive of Luno, Malaysia's largest cryptocurrency exchange.

David Low said in a statement in 2019:

“We plan to make digital assets investing easier for institutional investors, businesses, and high-net-worth individuals in Malaysia.”

Hata's Mission

Hata's mission is to streamline digital asset investments for institutional investors, businesses, and high-net-worth individuals in Malaysia.

It's important to note that other cryptocurrency exchanges have faced regulatory challenges in Malaysia.

Both Binance and Huobi Global encountered difficulties due to not registering with the Securities Commission.

Additionally, Malaysians have an alternative option for cryptocurrency trading, as Kenanga Investment Bank Berhad collaborated with China's Ant Group to introduce a wallet and trading app in August 2022.

Hata's Breakthrough

This approval positions Hata to potentially launch its services within the next six to nine months, making it the fifth regulated digital asset exchange in Malaysia.

It will also be the first entity to be approved as a digital broker, in its capacity as a digital broker, Hata has the privilege to "source liquidity from other regulated exchanges."

This means that Hata can connect with other exchanges and display their trade orders directly on its platform, providing investors with the opportunity to match and trade digital assets at a price as close to the market rate as feasible.

This approach enhances the efficiency and competitiveness of digital asset trading.

Additionally, Hata obtained a money broker license from the Labuan Financial Services Authority in June, allowing for USD exchanges.

The Labuan International Business and Financial Centre serves as a special economic zone, an area that in which trade laws and business are different from the rest of the country.