The Malaysian Securities Commission Approves Hata as a Recognized Market Operator
The Securities Commission Malaysia (SC) has granted in-principal approval to Hata, a cryptocurrency exchange and digital broker. This approval designates Hata as a Recognized Market Operator (RMO), making it the fifth regulated digital asset exchange (DAX) in Malaysia. Other registered digital asset exchanges in the country include Luno, MX Global, Sinegy DAX, and Tokenize Technology.
Hata’s Licenses and Plans for the Future
Hata obtained a Money Broker license from Malaysia’s Labuan Financial Services Authority in June for its US Dollar exchange. The platform is now working towards obtaining a full license from the Malaysian securities regulator before opening its platform to customers in Malaysia by early 2024.
Expanding Partnerships and Investor Interest
Hata is actively seeking partnerships and investor interests in the Asia Pacific region, particularly in Singapore. The company is in talks with several potential partners as it aims to make digital asset investing easier for institutional investors, high-net-worth individuals, and businesses in Malaysia. Despite market setbacks last year, Singapore has experienced significant growth in the digital asset space.
Hot Take: Hata’s Entry into the Malaysian Crypto Market
Hata’s approval as a Recognized Market Operator by the Securities Commission Malaysia demonstrates the growing acceptance and regulation of cryptocurrencies in the country. With plans to launch its platform soon and expand partnerships in Singapore, Hata aims to provide easier access to digital asset investing for various types of investors. This development highlights Malaysia’s efforts to foster innovation and create a conducive environment for crypto businesses.
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