ZA Bank, the largest digital bank in Hong Kong, has officially made history by becoming the first bank in Asia to offer direct cryptocurrency trading services. The announcement on November 25 marks a breakthrough in integrating cryptocurrency into the traditional financial system, allowing users to buy and sell Bitcoin (₿) and Ethereum (Ξ) directly with fiat currencies such as Hong Kong Dollars (HKD) and US Dollars (USD) through the bank's app.
To use the service, customers only need to open an investment account and complete a risk assessment with a minimum capital of about 70 USD. ZA Bank applies a fixed transaction fee of 1.99 USD for each transaction, along with an additional fee of 1.5% of the transaction value. Notably, the bank will waive transaction fees entirely until June 2025, after which the platform fee will drop to only 0.8%, to attract more users.
Mr. Wu Zhonghao, the acting CEO of ZA Bank, emphasized that integrating cryptocurrency services not only meets the increasing market demand but also helps the bank keep up with the Web3 trend. He also revealed that ZA Bank has spent nearly a year preparing to ensure full compliance with legal regulations and to provide a secure, 24/7 trading platform.
ZA Bank has partnered with HashKey Group, a licensed cryptocurrency exchange in Hong Kong, to implement the service. In the future, the bank plans to list more cryptocurrencies to expand its outreach and attract younger customers, while also tapping into additional revenue from this sector.
ZA Bank's move comes amidst Hong Kong's rise as a leading blockchain financial center in Asia. The special administrative government has implemented a series of measures to promote the crypto sector, from tax reductions, licensing exchanges to establishing a digital asset index. The government is also redesigning the legal framework for decentralized finance (DeFi) trading and plans to issue specific regulations next year after completing consultation rounds.
Notably, a member of the Hong Kong Legislative Council revealed that the government may consider including Bitcoin in the official reserve asset portfolio. This move further emphasizes the development of cryptocurrency in the region, especially following supportive statements about crypto from former US President Donald Trump at the Bitcoin 2024 Conference.
ZA Bank has opened a new chapter for the merger of traditional finance and blockchain technology, laying the groundwork for the sustainable development of this sector in the future.