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The Malaysian financial regulator, Securities Commission Malaysia (SC), has recently granted in-principal approval to the cryptocurrency exchange and digital broker Hata. This is a significant development for Hata as it now becomes a Recognized Market Operator (RMO) and the 5th regulated digital asset exchange (DAX) in Malaysia, joining existing players like Luno.

In addition to the approval from SC, Hata has also obtained a Money Broker license from Malaysia’s Labuan Financial Services Authority in June, specifically for its US Dollar exchange. This demonstrates Hata’s commitment to compliance and regulatory standards in the industry.

Hata has outlined its plans to secure a full license from the Malaysian securities regulator before officially opening its platform to customers in Malaysia by early 2024. By obtaining this license, Hata aims to provide a user-friendly and secure platform for institutional investors, individual high-net-worth individuals, and businesses in the country to invest in cryptocurrencies.

It is worth noting that there are other registered digital asset exchanges in Malaysia, such as Luno, MX Global, Sinegy DAX, and Tokenize Technology. However, there are also exchanges and crypto service providers, including Upbit Malaysia, Bitpoint, and Xbit, that have been prohibited from continuing operations in the country.

The approval of Hata as a regulated digital asset exchange brings new opportunities for institutional investors and individuals in Malaysia, making crypto investing more accessible to a wider range of investors. Hata’s CEO, David Low, stated that the company aims to challenge existing norms and simplify digital asset investing for institutions, businesses, and high-net-worth individuals in Malaysia. Hata is also exploring partnerships and investor interests in the Asia Pacific region, particularly in Singapore, where the digital asset space is experiencing significant growth.

In this evolving landscape of cryptocurrency regulations, tools like the AI legalese decoder can play a crucial role. The AI legalese decoder translates complex legal jargon and regulatory language into plain and understandable terms. This can be extremely helpful for companies like Hata, as they navigate the legal requirements and strive for compliance in the cryptocurrency industry. By using AI technology to decode legalese, Hata can better understand and comply with regulatory guidelines, ensuring a smooth and legally sound operation.

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