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Home News Crypto

Hong Kong’s ZA Bank Launches Retail Crypto Trading

25 November 2024
in Crypto, News
Reading Time: 3 mins read
107 1
Source: virtualassets.com

Source: virtualassets.com

Hong Kong’s largest digital bank, ZA Bank, has introduced cryptocurrency trading for retail customers, enabling the trading of Bitcoin (BTC) and Ethereum (ETH) in Hong Kong dollars (HKD) and U.S. dollars (USD).

The initiative is being launched in partnership with HashKey Exchange, a licensed Hong Kong-based crypto platform. Calvin Ng, Alternate Chief Executive of ZA Bank, emphasized the bank’s focus on security and compliance, ensuring that the partnership meets regulatory standards. Ng stated,

“By collaborating with HashKey, we provide users with secure, bank-grade protection for their crypto trading activities.”

HashKey Exchange CEO Livio Weng praised the partnership, highlighting its potential to drive Web3 development in the region. He added that the collaboration demonstrates a shared commitment to innovation and regulatory compliance, diversifying financial services across Asia.

In a November 25 press release, the bank referenced a Hong Kong Association of Banks survey, which found that nearly 70% of respondents believe bank-backed crypto services can simplify transactions and boost adoption. To encourage new users, ZA Bank is offering zero commission for the first three months, with a minimum deposit requirement of $70.

ZA Bank’s entry into crypto follows its approval in September to add virtual asset transactions to its Type 1 license, granted by the Securities and Futures Commission (SFC). This milestone makes ZA Bank the first Hong Kong digital-only bank licensed to perform regulated virtual asset activities.

Currently, the bank is running a sandbox trial for its crypto trading service with select retail customers. It cited research showing that 75% of local investors are interested in crypto trading, particularly through spot or futures ETFs or licensed platforms. ZA Bank plans to launch a full-scale banking app for broader crypto trading access after completing the pilot program, though no official launch date has been disclosed.

Meanwhole, this move aligns with broader calls for regulatory reforms in Hong Kong’s crypto sector. Lawmaker Johnny Ng recently urged the government and banks to relax restrictions on crypto and Web3 firms, arguing that banking access barriers hinder business operations. He proposed that virtual banks like ZA Bank should expand services to support virtual assets, in line with Hong Kong’s Web3 development goals, to help crypto firms thrive.

 

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Tags: HashKeyHong KongZA Bank
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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