ZA Bank offers Bitcoin and Ethereum trading to retail customers in Hong Kong, expanding accessibility to digital assets.
With a $70 minimum deposit, waived fees, and compliance with HashKey Exchange, ZA Bank prioritizes retail adoption.
ZA Bank's crypto service aligns with Hong Kong's strategy to strengthen its role as a global cryptocurrency hub.
ZA Bank, Hong Kong’s largest digital bank, has launched a cryptocurrency trading service on November 25. Bitcoin and Ethereum can be directly purchased by the retailers in US or Hong Kong dollars. The transition will help Hong Kong with its mission in establishing the city as the hub for trading cryptocurrencies in the globe.
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This move marks a major step for the bank, which has partnered with HashKey Exchange to ensure regulatory compliance and reliability.
Easy Access and Low Fees
To trade crypto, customers must open an investment account with the bank and complete a risk assessment. Users can begin trading with a minimum deposit of $70 or HK$600. The bank offers zero commission for the first three months. Afterward, a reduced platform fee of 0.8% applies, which will be in effect until June 2025.
The bank hopes this service will attract younger customers and increase revenue from transaction fees. ZA Bank’s interim CEO, Wu Zhonghao, sees the service as a way to grow the bank’s customer base.
Regulatory Approval and Testing
ZA Bank has received approval from the China Securities Regulatory Commission in September to add virtual asset transactions to its license. This makes ZA Bank the first digital-only bank in Hong Kong with regulatory approval to offer crypto services. Zhonghao emphasized that the bank tested the technology thoroughly to ensure the service's reliability.
The bank also plans to educate customers about the risks of digital assets as part of their marketing strategy.
Impact on Hong Kong’s Crypto Market
Hong Kong has been positioning itself as a regional crypto hub. It introduced mandatory licensing for crypto exchanges in 2022. However, many companies withdrew their applications due to regulatory challenges.
ZA Bank’s new service offers users an easy way to access crypto markets while following regulatory requirements. The bank intends to expand its crypto offerings beyond Bitcoin and Ethereum as it works with authorities.ZA Bank’s initiative signals a growing integration of digital banking and crypto services in Hong Kong.
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