Hong Kong’s largest virtual bank, ZA Bank, has introduced a groundbreaking service allowing retail users to buy and sell Bitcoin and Ethereum directly with fiat currency. The move highlights the city’s growing acceptance of cryptocurrency within traditional financial systems.
ZA Bank customers can now access Bitcoin and Ethereum trading via the bank’s app. Users must have an account and pass a mandatory risk assessment before utilizing the service. The offering is restricted to these two cryptocurrencies, with no mention of others at present.
Strategic Partnership with HashKey Exchange
The service was developed in collaboration with HashKey Exchange, a licensed cryptocurrency platform. Calvin Ng, alternate chief executive of ZA Bank, emphasized the importance of regulatory compliance, stating the initiative aims to bridge traditional banking and digital assets.
Livio Weng, CEO of HashKey Exchange, expressed optimism, saying the partnership will drive Web3 ecosystem development and enhance financial services for users.
Crypto in Hong Kong: A Growing Market
Retail crypto trading was introduced in Hong Kong in August 2023, with only three exchanges licensed by the Securities Futures Commission (SFC): OSL, HashKey, and HKVAX. More licenses are expected to be granted by the end of the year, signaling expanding opportunities in the region.
ZA Bank: A Digital Banking Pioneer
Licensed by the Hong Kong Monetary Authority in 2019, ZA Bank is the city’s first and largest digital bank, serving over 800,000 users. The new crypto service reflects its commitment to innovation and offering diverse financial solutions.
This development solidifies Hong Kong’s position as a leading player in the evolving global crypto market.
