ZA Bank, the largest virtual bank in Hong Kong, has introduced a service enabling retail customers to trade Bitcoin
As announced on November 25, residents in Hong Kong must hold an account with ZA Bank and complete a mandatory risk assessment before accessing this crypto feature. The service is accessible through the bank's application, but it currently supports only Bitcoin and Ethereum, with no mention of additional cryptocurrencies.
This initiative was developed in collaboration with the cryptocurrency exchange HashKey. ZA Bank’s alternate chief executive, Calvin Ng, explained that the partnership aligns with regulatory requirements and aims to bridge the gap between conventional financial services and digital assets.
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HashKey Exchange’s CEO, Livio Weng, emphasized the ongoing partnership with ZA Bank to promote the growth of the Web3 ecosystem. He also stressed the focus on providing users with various financial solutions as part of this collaboration.
Currently, only three crypto exchanges are authorized by the region's financial regulator, the Securities and Futures Commission (SFC). These include OSL and HashKey, which secured their licenses in 2020 and 2022, respectively, and the Hong Kong Virtual Asset Exchange (HKVAX), licensed in October 2023.
The SFC has suggested that more crypto exchanges and digital asset firms could receive regulatory approval in the coming months. ZA Bank, licensed in 2019 by the Hong Kong Monetary Authority, remains a pioneer in digital banking with a user base exceeding 800,000.
As Hong Kong embraces retail crypto trading, regulatory scrutiny remains a concern for the sector. Recently, the HKMA issued a warning to crypto firms about legal violations tied to banking misuse. What consequences could these firms face? Read the full story.
