Hong Kong’s ZA Bank launched direct cryptocurrency trading for retail customers in November 2024, letting users buy and sell Bitcoin (BTC) and Ethereum (ETH) through its banking app.
The bank announced that customers could trade BTC and ETH using Hong Kong dollars (HKD) and U.S. dollars (USD). The service was built with HashKey Exchange, a licensed Hong Kong crypto platform.
At launch, ZA Bank said the service made it easier for customers to trade crypto without moving between a bank and a separate exchange. It also offered zero commission for the first three months, with trading available from HKD 600 or USD 70.
ZA Bank moved crypto trading into its banking app
The partnership with HashKey was important because ZA Bank could combine its banking services with a licensed crypto trading platform.
ZA Bank said security and regulatory compliance were key parts of the service. HashKey Exchange is licensed by Hong Kong’s Securities and Futures Commission (SFC), with Type 1 and Type 7 licences. It also holds a licence under Hong Kong’s anti-money laundering rules.
The move also changed how a bank could offer crypto services. Customers did not need to treat crypto as a separate service from their normal banking relationship. They could use the ZA Bank app to access the trading service and settle trades in HKD or USD.
Before the full launch, ZA Bank had tested the service with selected retail customers in a sandbox. The bank said that 75% of surveyed Hong Kong retail investors had shown interest in cryptocurrency trading.
The launch also came after ZA Bank received approval to add virtual asset transactions to its Type 1 licence. That gave the bank a regulatory path to offer the service while working with a licensed virtual asset platform.
Also Read: 70-Year-Old Hong Kong Man Falls for WhatsApp Crypto Scam
The service has expanded beyond the original launch
ZA Bank’s current customer guidance says valid account holders can apply for the crypto trading service through the bank’s app and start trading after completing the required steps.
This service remains limited to eligible Hong Kong users. ZA Bank says customers need a valid ZA Bank account, a Hong Kong Identity Card and proof of Hong Kong residence. They must also complete customer risk checks and a virtual asset knowledge assessment. Visitors in Hong Kong cannot use the crypto trading service.
HashKey has also continued to expand its own retail offering. Its current platform supports crypto trading with HKD and USD and lists BTC and ETH trading pairs. HashKey remains regulated by the SFC.
This makes the ZA Bank launch more than a one-off experiment. It shows how crypto trading can be placed inside a regulated banking service rather than kept only on crypto exchanges.
Hong Kong has also continued to build rules for virtual assets and tokenized finance. For banks, this creates a path where crypto services can grow while customer checks, trading limits and asset rules remain part of the process.
ZA Bank’s move therefore matters beyond BTC and ETH. It gives a clear example of what happens when a regulated bank and a licensed crypto exchange work together. The next question is how many other banks in Hong Kong and Asia will follow the same model.
Enjoyed this? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads, and CoinMarketCap Community for seamless access to high-quality industry insights
Take control of your crypto portfolio with DEFI PLANET PRO, DeFi Planet’s suite of analytics tools.
