Malaysia’s 5th Licensed Crypto Exchange Set to Launch

Malaysia’s upcoming Hata exchange, its newest digital asset platform, is poised to enter the nation’s crypto landscape in early 2024.

• Hata, Malaysia’s upcoming fifth licensed digital asset exchange, has received in-principle approval from the Securities Commission (SC).
• The platform is one of only five entities to secure such approval.
• Hata has shown interest in mainstream finance beyond crypto, hinting at a bigger room for expanding their offerings in the future.

The Malaysian cryptocurrency market is abuzz with the news of the forthcoming introduction of its fifth official digital asset exchange (DAX), slated for launch by early 2024. Named “Hata,” the platform secured the green light to operate from the Securities Commission Malaysia (SC). This move also indicates the platform’s commitment to meet stringent requirements set by the regulatory body.

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Hata Receives ‘In-Principle’ Approval

Hata Digital Sdn Bhd, the powerhouse behind the Hata brand, has been granted in-principle approval by the SC. This feat is considered a significant milestone that allows them to offer an array of digital currency services, encompassing broker-dealer services. This approval positions Hata to cater to both retail and institutional clientele, aligning with Malaysia’s Recognised Market Operator framework, which was instituted in 2019.

The SC’s in-principle approvals are rare. Only a few firms, including SINERGY DAX and Tokenize Technology, have achieved this status. With Hata’s recent inclusion, Malaysia now boasts five licensed exchange operators. This series of events reflects the country’s growing interest and trust in digital currencies.

Achieving SC’s approval wasn’t easy. Hata had to meet rigorous criteria, showcasing its commitment to providing secure and reliable services. Additionally, Hata’s possession of a money broker license from a regional authority indicates its broader financial aspirations, suggesting that the firm might not limit itself to just crypto services.

The Team Behind Hata

David Low, the visionary behind Hata, is no stranger to the crypto world. His tenure at Luno, which saw the platform’s significant expansion across Malaysia and Southeast Asia, speaks volumes about his expertise. Luno’s dominance in the market was evident, with its user base growing exponentially in 2021 and 2022.

Crypto stalwarts and co-founders, Darien Ng and Chong Kwai Kun join Low on this new venture. Their expertise in blockchain and software development since 2018 is set to be the driving force behind Hata.

Low recently expressed, “Hata’s mission is crystal clear: to make crypto accessible while prioritizing safety. We see Hata evolving into a trusted crypto hub, offering myriad tools for our users.” He further emphasized Hata’s vision to challenge existing paradigms and simplify digital asset investments for Malaysia’s institutional investors, businesses, and affluent individuals.

Hata’s Vision

Hata set its sights on obtaining a full license. It also expressed its intent to work closely with local regulators to achieve this. Hata is poised to unveil its platform to the public by early 2024 if everything unfolds as planned. There are even rumors that the firm is actively scouting for local talent to support its team. The team is eager to collaborate with industry peers and the SC to uphold and elevate Malaysia’s regulatory framework.

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