Hata gained approval to launch a digital asset exchange and brokerage in Malaysia.
Malaysia is set to get a new regulated crypto player. The Securities Commission Malaysia granted Hata recognition as a Recognized Market Operator (RMO), positioning it to offer services within 6-9 months.
Hata will become Malaysia’s fifth approved exchange and the first sanctioned digital broker, allowing it to display orders from other platforms. The startup also holds a money broker license from the Labuan International Finance Center.
Co-founder David Low said Hata aims to
“Make digital asset investing easier for institutional investors, businesses, and high-net-worth individuals in Malaysia.” Low previously oversaw the 2019 debut of Luno, the nation’s largest exchange.
The approval comes as regulators crack down on unlicensed crypto operations in the country. Authorities ordered the leading crypto exchange, Binance to cease local services in 2020 before closing its Malaysian operations last year. However, Binance later bought a stake in the local licensed exchange, MX Global.
Rival exchange Huobi Global was also told to shutter in Malaysia in May for lacking RMO status. But licensed alternatives are emerging through partnerships, like Kenanga Investment Bank’s crypto app deal with China’s Ant Group.
Analysts say Hata’s regulatory clearance will provide Malaysian investors and institutions with a compliant new crypto gateway. But it faces stiff competition from established players like Luno.
