According to a statement released on 25 November 2024, users must have an active account with ZA Bank and undergo a risk assessment before accessing the new crypto trading feature through the bank's app. The service currently supports only Bitcoin and Ethereum, with no other cryptocurrencies available.
Officials from ZA Bank stated that the collaboration with cryptocurrency exchange HashKey was aimed at meeting regulatory standards and bridging the gap between traditional banking and cryptocurrency markets. They noted that the increasing popularity of cryptocurrency offers investors more diverse options for asset allocation.
Representatives from HashKey Exchange emphasised that the exchange would continue its collaboration with ZA Bank to advance the Web3 ecosystem and expand financial services for users.
ZA Bank initially launched a sandbox trial for its virtual asset trading service in October 2024. Retail cryptocurrency trading became legal in Hong Kong in August 2023, with three exchanges currently licenced by the Securities and Futures Commission (SFC). OSL and HashKey received their licences in 2020 and 2022, respectively, while Hong Kong Virtual Asset Exchange (HKVAX) was granted a licence in October 2024.
The SFC has indicated that more licences for crypto exchanges and digital asset firms operating in Hong Kong could be issued before the end of the year. ZA Bank, which was licenced by the Hong Kong Monetary Authority in 2019, has grown to become the largest digital bank in the region, serving over 800,000 customers. HashKey, founded in 2018, continues to play a key role in Hong Kong's expanding crypto sector.
In April 2024, ZA Bank announced plans to offer banking services for stablecoin issuers to cater to the increase in local web3 adoption. The virtual bank confirmed that it was making available securities for fiat reserves, which issuers could use to back digital assets. Additionally, banking services such as fund transfers, payroll administration, and a variety of deposit options became available to issuers of stablecoins.
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