Hata Receives ALP from SC for DAX and Broker

Hata, led by David Low, former APAC General Manager of Luno, has received Approval-in-Principle (ALP) from the Securities Commission Malaysia (SC) to register as a Recognized Market Operator for both Digital Asset Exchange (DAX) and Digital Broker (DB).

This makes Hata the fifth regulated DAX in Malaysia, allowing Malaysians to securely buy, sell, and store cryptocurrencies on a local platform. Additionally, Hata is the first entity to obtain DB approval from the SC.

David Low, CEO of Hata, expressed excitement about the conditional approvals and the company’s plans to obtain full approvals from the SC before opening its platform to Malaysian customers by early 2024. Hata aims to be a reliable one-stop platform for digital asset access and investment, catering to institutional investors, businesses, and high-net-worth individuals.

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Hata’s co-founders, Darien Ng (Chief Revenue Officer) and Chong Kwai Kun (Chief Technology Officer), bring extensive expertise in blockchain technology and software development to the venture.

Hata has also secured a Money Broker license from the Labuan Financial Services Authority, further solidifying its position in the cryptocurrency sector. In light of recent cryptocurrency market challenges, including the collapse of FTX, Hata is committed to operating as a responsible and compliant platform, working closely with market participants and the SC to maintain a high standard of regulatory integrity and quality in Malaysia’s digital asset industry.

Interested parties can register on the waitlist at www.hata.io to be notified of the platform’s launch.

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