Hata has received in-principle approval to be Malaysia’s fifth digital company except Cryptocurrency scrgruppen

Malaysia-based Hata has received in-principle approval from the Securities Commission Malaysia (SC) to register as a Recognized Market Operator (RMO) as a digital asset exchange and digital broker. The approval means Hatta can launch its services within six to nine months.

This will happen Become The fifth regulated digital asset exchange in Malaysia and the first legal entity of ReceiveObtaining approval as a digital broker, allowing it to display trading orders from other regulated exchanges. Hata also obtained a financial intermediary license from the Labuan Financial Services Authority in June, allowing it to exchange US dollars. Labuan International Business and Financial Center is a special economic zone.

RELATED: Malaysia enlists China to help end reliance on US dollar for trade

Hata was co-founded by David Lu, who left Luno, Malaysia’s largest cryptocurrency exchange to date, in April. Low oversaw Luno’s debut as Malaysia’s first digital asset exchange in 2019. Low He said In current status:

“We plan to make investing in digital assets easier for institutional investors, companies and high-net-worth individuals in Malaysia.”

Other cryptocurrency exchanges have tried to penetrate the Malaysian market. SC ordered Binance to cease operations in the country in July 2020 due to lack of RMO status, although the exchange did not shut down there until a year later. Binance returned to Malaysia in March, when it bought a stake in RMO MX Global. Huobi Global (now HTX) was asked to close its doors in Malaysia in May, also because it was not registered with the SC.

Malaysians also have the option to trade cryptocurrencies on an app offered by Kenanga Investment Bank Berhad. The major private bank partnered with China’s Ant Group in August 2022 to launch a wallet and trading app.

Magazine: China Expands Tentacles of Central Bank Digital Currency (CBDC), Malaysia Is Hong Kong’s New Crypto Rival: Asia Express

Cryptocurrency scrgruppen

Related Articles

Back to top button