Crypto platform approved to operate as Digital Asset Exchange in Malaysia
Kuala Lumpur-based crypto platform Hata has secured an in-principal approval from the Securities Commission Malaysia (SC) to operate as a digital asset exchange. Hata was founded by David Low, the former Asia Pacific General Manager at Luno.
Hata Digital Sdn Bhd has received conditional approval from the SC, opening the door for it to facilitate cryptocurrency trading. Trading can begin once it fulfills the regulatory requirements laid out by the SC over the next six to nine months.
This approval makes Hata the fifth regulated digital asset exchange (DAX) in Malaysia. Hata will be joining the ranks of Luno Malaysia, MX Global, Sinegy DAX, and Tokenize Technology.
One unique aspect of Hata’s approval is its distinction as the first DAX to attain digital broker status from the SC. This designation allows Hata to display trade orders from other exchanges on its platform, granting users access to a wider array of trading opportunities.
Hata can match users’ trades with those available on other exchanges, or provide cryptocurrency prices from these exchanges. However, a crucial stipulation is that Hata’s collaborators must be licensed by competent jurisdictions and obtain approval from the SC.
Such jurisdictions include such as the Monetary Authority of Singapore (MAS).
by AMB Crypto
As the first DAX with digital broker status, Hata aims to provide extensive trading opportunities while challenging the status quo.
Hata’s approval is the first DAX to attain digital broker status from the Securities Commission.
Hata has obtained a money broker license from the Labuan Financial Services Authority.
Former Luno executive leads Hata in Digital Broker status
David Low, the mastermind behind Hata, shared his vision for the platform. He emphasized their aim to simplify digital asset investing for institutional investors, businesses, and high-net-worth individuals in Malaysia.
David Low’s departure from Luno adds an intriguing dimension to Malaysia’s digital asset industry. During his tenure, Luno had a stranglehold on the local cryptocurrency trading market, boasting over 90% of the market share.
Some estimates even reached as high as 98%. Now, Low finds himself in direct competition with his former colleagues and the company he helped nurture.
Hata’s team includes two other co-founders, Darien Ng, Chief Revenue Officer, and Chong Kwai Kun, Chief Technology Officer. Both possess extensive expertise in blockchain technology and software development in Malaysia.
David Low noted the significance of the SC’s decision to grant them conditional approval. He recognized it as a vote of confidence in both Hata and the digital asset industry. Low also acknowledged the months of extensive efforts that led to this momentous achievement.
Low conveyed Hata’s mission of enabling secure and hassle-free cryptocurrency access, with an emphasis on providing a one-stop platform for their customers.
His focus is on challenging existing norms and making digital asset investing more accessible to institutional investors, businesses, and high-net-worth individuals in Malaysia.
Additionally, Hata has obtained a money broker license from the Labuan Financial Services Authority. Low praised the SC’s efforts in expanding the regulated market operator framework to enable DAXs to function as digital brokers.
He also recognized the forward-thinking approach of the regulatory body.