(July 18): Hata Digital Sdn Bhd (Hata), the fifth licensed digital asset exchange (DAX) has obtained full approval from the Securities Commission Malaysia (SC) and officially launched its exchange.

The firm was founded by ex-Luno Asia Pacific general manager David Low, Darien Ng and KK Chong.

Low is currently Hata’s CEO, Ng is its chief revenue officer and Chong is its chief technology officer.

Low left Luno in May, 2023 after five years. Notably, Hata is also the first exchange to obtain full approval from the SC since the regulator reopened DAX licence application in November, 2022.

According to its press release, Hata mentioned that its exchange boasts the lowest fees compared to other DAXs.

“By providing liquidity on Hata’s exchange, users can buy and sell cryptocurrency for free as market makers. Hata does not charge any maker fee on its exchange.

“On the other hand, Hata charges a taker fee ranging from 0.1% to 0.4%, based on users’ 30-day trading volume.

“The more a user trades on Hata exchange, the cheaper their trading fee will be. This represents at least a 20% discount and savings for Malaysians compared to using other exchanges.”

For users who prefer simplicity in trading cryptocurrency, Hata also offers the Instant Buy/ Sell option that comes with a minimal 1% service fee. It is said to be 50% cheaper than “other exchanges”.

“With attractive fees and a platform that offers the most variety of cryptocurrencies, we hope to redefine the cryptocurrency landscape in Malaysia,” said Ng.

The firm’s founders also emphasised that it is a fully homegrown exchange that uses a local custodian. It doesn’t hold customers’ digital assets overseas.

“Our digital asset keys are held by Hata Digital Sdn Bhd, the licensed entity under the SC. Therefore, Malaysians can rest assured that their digital assets are fully kept and controlled within Malaysia, said Chong.