ZA Bank Enables Bitcoin and Ether Purchases

Residents of Hong Kong can now buy Bitcoin (#BTC☀ ) and Ethereum (#ETH🔥🔥🔥🔥 ) through the region's largest digital bank, ZA Bank. According to a statement on November 25, users must have a bank account and pass a risk assessment before accessing the new service.

The platform allows users to buy and sell Bitcoin and Ethereum directly using fiat currencies. No other cryptocurrencies have been announced for support at this time.

ZA Bank offers its users the chance to buy Ether and Bitcoin as part of its new service. Source: ZA Bank

Partnership with HashKey and Regulatory Compliance

ZA Bank has partnered with cryptocurrency exchange HashKey to meet regulatory requirements and integrate traditional banking with cryptocurrency markets. Calvin Ng, Deputy CEO of ZA Bank, stated:
"The rise of cryptocurrencies offers investors broader asset allocation opportunities."

HashKey Exchange CEO Livio Weng highlighted the importance of collaborating with ZA Bank to support the development of the Web3 ecosystem and expand financial services for users.

Retail Crypto Trading in Hong Kong

ZA Bank launched a trial version of its virtual asset trading platform in October 2023. Retail crypto trading has been available in Hong Kong only since August 2023.

Currently, only three cryptocurrency exchanges are licensed by the Hong Kong Securities and Futures Commission (SFC):

  1. OSL (licensed in 2020)

  2. HashKey (licensed in 2022)

  3. Hong Kong Virtual Asset Exchange (HKVAX) (licensed in October 2023)

The SFC has indicated that more licenses for exchanges and digital asset companies operating in the region could be approved by the end of the year.

ZA Bank's Leading Market Position

ZA Bank obtained a license from the Hong Kong Monetary Authority in 2019, becoming the first and largest digital bank in Hong Kong. The bank currently serves over 800,000 users.

HashKey, established in 2018, continues its collaboration with ZA Bank to advance financial services and support the cryptocurrency sector in Hong Kong.

ZA Bank's new service marks a significant step forward in integrating traditional banking and cryptocurrency markets in Hong Kong, reinforcing the region's position as a key player in digital assets.

#CryptoNewss , #HongKong , #Cryptocurrencies


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