David Low-Led Hata to Become Malaysia’s 5th Regulated Digital Asset Exchange

The Securities Commission Malaysia (SC) has granted in-principle approval to digital asset exchange and digital broker Hata to be registered as a Recognized Market Operator (RMO).

Hata said that it will be working towards obtaining full approvals from the SC before it launches its platform in early 2024 for Malaysians.

The firm added that it aims to make digital asset investing easier for both institutional investors, businesses, and high-net-worth individuals in the country.

Hata has also secured the in-principle approval to operate as a Digital Broker in Malaysia. The firm claims to be the first to have received the approval for this.

Additionally, Hata has also recently obtained a Money Broker license from the Labuan Financial Services Authority.

Hata is founded and led by David Low, the former APAC General Manager of Luno, who led the latter’s digital asset exchange application and launch in 2019.

David is also joined by two other co-founders, Darien Ng as Chief Revenue Officer and Chong Kwai Kun as Chief Technology Officer.

Other than Hata, there are currently four other regulated digital asset exchanges including Luno Malaysia, MX Global, SINEGY DAX, and Tokenize Technology.

David Low, CEO of Hata said,

“SC’s decision to further expand the recognised market operator (RMO) framework to incorporate the Digital Broker business model and grant us a conditional approval to operate both DAX & DB model, represents a vote of confidence in the digital asset industry. 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”.

by Fintech News Malaysia