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Hong Kong’s ZA Bank to Offer Crypto to Fiat Conversions

12 April 2023
in Latest News, News
Reading Time: 3 mins read
106 3
Home News Latest News

Reports indicate that ZA Bank, the largest virtual bank in Hong Kong by assets, plans to offer services for cryptocurrency accounts and support crypto-to-fiat swaps. On April 12, 2023, Bloomberg reported that the bank would act as a settlement bank, enabling token deposits at authorized exchanges to be withdrawn in Hong Kong, Chinese, and US dollars.

Just as the US regulators are embarking on an unprecedented ChokePoint 2.0 offense to debank crypto in the United States, Hong Kong banks are actively trying to bank crypto, to bridge fiat to crypto

The East is rising pic.twitter.com/R27YLelJRR

— Crypto熊猫 (@NoodleofBinance) April 12, 2023

However, ZA Bank CEO Ronald Iu noted that regulatory restrictions would prevent clients from mainland China from accessing this service.

ZA Bank’s decision to offer accounts for local crypto enterprises followed a successful trial in a regulatory sandbox that involved about 100 firms. 

After clients deposit their crypto tokens with exchanges, ZA Bank will function as a settlement bank to facilitate withdrawals in Hong Kong, Chinese, and US dollars. 

According to Iu, HashKey, and OSL, the only two licensed crypto exchanges in Hong Kong, are already using this business model. Should more exchanges receive licenses in the future, ZA Bank will extend its services to them as well.

After a successful pilot in a regulatory sandbox that onboarded around 100 organizations, the bank is currently offering online account openings for local Web3 startups and small-medium enterprises. According to Devon Sin, the substitute chief executive of ZA Bank, the bank is now connected to the city’s company register data, enabling minimal information entry and cross-checking.

Hong Kong is trying to restore its reputation as a financial hub, which was adversely affected by years of COVID-19 restrictions and political unrest, by opening up to the disadvantaged sector. However, access to finance has become a major obstacle to achieving this goal. 

To bridge this gap, the city’s banking and securities regulators will host a roundtable later this month for cryptocurrency users and bankers to share their opinions and experiences related to banking services. According to Bloomberg, starting June 1, 2023, Hong Kong plans to implement a revised framework for virtual asset exchanges that will enable exchange operators to serve individual participants.

However, traditional banks have been reluctant to offer services due to strict know-your-customer and anti-money laundering regulations. As a result, many crypto companies have faced a further reduction in banking access, particularly after the recent bankruptcy of Silicon Valley Bank.

On March 10, 2023, the financial regulators of the United States decided to shut down Silicon Valley Bank (SVB), a major financial institution that provided services to venture-backed companies in California. This event has been dubbed the second-largest failure of a financial institution in US history, following a 48-hour bank run and a capital crisis. The failure of SVB, which was insured, is a significant development for the financial industry as it marks the first insured bank to fail this year.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

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