Through this MoU, both entities will be pooling their resources, expertise and experience, and work to achieve this. ZA International is the international arm of China’s ZhongAn Online P&C Insurance and holds both virtual banking and digital-only insurance licenses in Hong Kong.
The company had recently unveiled its plan to tokenise its ZA Coin offered under its reward programme. Meanwhile, HashKey has made investments in over 300 projects since 2015, and infrastructure support of over 40 public chains.
In November 2022, its subsidiary Hash Blockchain was granted the full licenses by the Securities and Futures Commission of Hong Kong to provide virtual asset trading services to professional investors.
Fintechs and crypto businesses in particular need stable regulation to succeed. That is why back in October 2022 the government of Hong Kong and the Securities and Futures Commission (SFC) have taken steps to legalise retail cryptocurrency trades in order to restore the city’s reputation as a fintech hub.
Previously, the city proposed limiting crypto trade to professional investors, which caused several startups to move their operations to other markets such as Dubai and Singapore.
The Securities and Futures Commission revealed several criteria for authorising crypto ETFs, which would only be able to invest in Bitcoin and Ether futures traded on CME Group exchanges. Hong Kong representatives have revealed in a separate policy paper that they will keep a close eye on the risks that might arise for retail investors. They will also support education on the subject and implement regulatory arrangements.
Almost two months later the Legislative Council of Hong Kong passed a bill to amend the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).
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