Retail users in Hong Kong can now purchase Ether and Bitcoin through Hong Kong's largest virtual bank, but they need to have an account and undergo a risk assessment first.
Hong Kong's largest virtual bank, ZA Bank, has launched a new service that allows retail users to buy and sell Bitcoin and Ethereum directly using fiat currency.
According to the bank's statement on November 25, Hong Kong residents need to open an account with the bank and must undergo a risk assessment before they can use the new cryptocurrency services associated with the bank's app.
Currently, users can only purchase Ether and Bitcoin through ZA Bank. No other cryptocurrencies were mentioned.
ZA Bank's acting CEO Calvin Ng stated that the service was launched in collaboration with cryptocurrency exchange HashKey to meet regulatory requirements, aiming to achieve the overall goal of integrating traditional banking with cryptocurrency.
Andrew Ng stated, "The rise of cryptocurrency provides investors with more diversified asset allocation opportunities."
HashKey exchange CEO Livio Weng stated that the exchange will continue to work closely with ZA Bank to promote the development of the Web3 ecosystem and provide diverse financial services to its users.
As early as October, ZA Bank launched a sandbox test for virtual asset trading services.
Retail cryptocurrency trading only started in Hong Kong in August 2023. Currently, only three exchanges have been licensed by the Securities and Futures Commission (SFC) of Hong Kong's financial regulatory authority.
Cryptocurrency exchanges OSL and HashKey obtained licenses in 2020 and 2022, respectively. The Hong Kong Virtual Asset Exchange (HKVAX) became the third exchange to obtain a license in October.
However, the Hong Kong Securities and Futures Commission has hinted that more cryptocurrency exchanges and digital asset companies may be approved for licenses by the end of this year.
ZA Bank obtained its license from the Hong Kong Monetary Authority in 2019, becoming the first and largest digital bank in Hong Kong, with over 800,000 users. HashKey was established in 2018.
