Malaysian crypto firm Hata gets green light from Malaysian regulators to run ‘digital asset exchange’ – is adoption on the rise? | Taza Khabre

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Malaysia’s financial regulator Securities Commission Malaysia (SC) has granted primary approval to cryptocurrency exchange and digital broker Hata.

The approval marks Hata as a Recognized Market Operator (RMO) and the 5th regulated digital asset exchange (DAX) in the country, which operates alongside existing agents such as Luno.

By a announcement On Tuesday, Hata also received a Money Broker license from the Labuan Financial Services Authority of Malaysia, a federal island territory, in June for its exchange of US dollars.

The platform noted that it will work to receive a full license from Malaysia’s securities regulator “before opening its platform to Malaysian customers in early 2024.”

others registered digital asset exchanges in Malaysia they include Luno, MX Global, Sinegy DAX and Tokenize Technology. The regulator has also listed exchanges and crypto service providers such as Upbit Malaysia, Bitpoint, Xbit, which cannot continue to operate in the country.

With the primary license, the exchange aims to facilitate cryptocurrency investment for institutional investors, high net worth individuals and companies in the country.

“With the aim of challenging the existing norms, we plan to facilitate investment in digital assets for both institutional investors as well as companies and high net worth individuals in Malaysia and we hope to launch our platform soon,” he said David Low, CEO of Hata.

In addition, Hata is also in discussions with various potential partners and investor interests in the Asia Pacific region and particularly in Singapore. Especially at a time when the city-state is experiencing significant growth in the digital asset space, despite market setbacks in the past year.

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