cryptojournalist
Bitcoin and Ether Now Available
ZA Bank, Hong Kong’s largest virtual bank, has introduced a new service allowing retail users to buy and sell Bitcoin and Ether directly with fiat currency. Users need a ZA Bank account and must complete a risk assessment before accessing the service through the bank’s app.
Limited Cryptocurrency Options
Currently, the service only supports Bitcoin and Ethereum. Other cryptocurrencies were not included in the launch.
Partnership with HashKey
ZA Bank partnered with the crypto exchange HashKey to ensure compliance with Hong Kong’s regulations. Calvin Ng, alternate CEO of ZA Bank, emphasized that the goal is to merge traditional banking with the growing cryptocurrency market.
Livio Weng, CEO of HashKey Exchange, added that the collaboration aims to expand the Web3 ecosystem and offer diverse financial services to users.
Regulatory Landscape in Hong Kong
Hong Kong has recently expanded its crypto market. Retail trading began in August 2023, with only three exchanges licensed by the Securities and Futures Commission (SFC): OSL, HashKey, and HKVAX. The SFC expects to approve more licenses by year-end.
ZA Bank’s Role in Finance
Licensed in 2019, ZA Bank is Hong Kong’s first and largest digital bank, serving over 800,000 users. HashKey Exchange, founded in 2018, is a leading platform in the region’s cryptocurrency market.
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