According to Bloomberg, ZA Bank, Hong Kong’s largest virtual bank, is facilitating transfers between cryptocurrencies and fiat currencies and providing bank account services to Hong Kong’s booming digital asset industry.
ZA Bank Chief Executive Officer (CEO) Ronald Iu said in an interview on Tuesday that ZA Bank will provide exchange services between cryptocurrency and legal tender through licensed exchanges. Yao Wensong said ZA Bank will serve as a settlement bank for customers, allowing them to withdraw cryptocurrencies in Hong Kong dollars, Chinese yuan and U.S. dollars after depositing them on the exchange.
Yao Wensong also said that this business model is being operated in cooperation with HashKey and OSL. So far, only these two companies have obtained virtual asset industry licenses in Hong Kong. Yao Wensong said that after other exchanges obtain licenses in the future, ZA Bank will also provide the same services to these operators.
Yao Wensong pointed out that currently more than 10 companies, large and small, from domestic and foreign countries have expressed interest.
The Hong Kong Securities and Futures Commission introduced a cryptocurrency regulatory system in 2018 and subsequently proposed a framework for a voluntary licensing system, allowing cryptocurrency exchanges to choose whether to accept regulatory regulation by the authorities. All licensed exchanges can only provide services to professional investors or institutions. , the capital threshold is as high as 8 million Hong Kong dollars, which is equivalent to shutting out retail investors.
Against this background, the Hong Kong Securities and Futures Commission will introduce a mandatory virtual asset trading platform licensing system from June 1 this year and open retail investors to invest in cryptocurrency.
This article Hong Kong welcomes “Currency Friendly Bank”! ZhongAn will provide “cryptocurrency, legal currency” exchange services first appeared on Blockchain.