ZA Bank, the largest virtual bank in Hong Kong with over 800,000 users, allows direct trading of Bitcoin and Ethereum using fiat currency.
The virtual bank ZA Bank, with over 800,000 users, has officially launched direct buying and selling services for Bitcoin and Ethereum using fiat currency for individual customers in Hong Kong on November 25th. This move comes just three months after Hong Kong officially allowed cryptocurrency trading for individual users, marking an important step towards legalizing and integrating cryptocurrency into the traditional financial system in this administrative region.
To use the service, users in Hong Kong need to open a ZA Bank account and complete the risk assessment process. Currently, the trading scope is limited to Bitcoin and Ethereum, the two most popular cryptocurrencies in the world.
Source: ZA Bank
ZA Bank collaborates with the cryptocurrency exchange HashKey, one of the three exchanges licensed by the Hong Kong Securities and Futures Commission (SFC), to implement this service. This partnership aims to ensure compliance with existing legal regulations and build a bridge between traditional banking and the cryptocurrency market.
Strategic partnership promotes cryptocurrency integration
Mr. Calvin Ng, the Acting CEO of ZA Bank, stated that this service opens up diversification opportunities for investors. This view is reinforced by Mr. Livio Weng, CEO of HashKey Exchange, who emphasized the commitment to closely collaborate with ZA Bank to develop the Web3 ecosystem and provide more diverse financial services for users.
ZA Bank's testing of this service on the sandbox platform since October has shown thorough preparation and adherence to the bank's processes. This move is also in line with the SFC's direction to expand licensing for cryptocurrency exchanges and digital asset companies in Hong Kong.
Currently, besides HashKey licensed in 2022, there are also OSL (2020) and Hong Kong Virtual Asset Exchange (HKVAX – 10/2023) authorized to operate. The SFC expects to continue granting more licenses in the near future, indicating the strong growth potential of the digital asset market in Hong Kong.
