Hong Kong’s Largest Virtual Bank Launches Retail Crypto Trading for Bitcoin and Ethereum
ZA Bank, Hong Kong’s largest digital bank, has introduced a new service allowing retail users to trade Bitcoin (BTC) and Ethereum (ETH) directly through its app. To access the service, users must hold an account with the bank and complete a mandatory risk assessment, as outlined in a Nov. 25 announcement.
Currently, the offering is limited to Bitcoin and Ethereum, with no other cryptocurrencies included. The bank’s move aims to bridge traditional banking with the growing crypto market, in partnership with the licensed cryptocurrency exchange HashKey.
Calvin Ng, alternate chief executive of ZA Bank, emphasized the bank’s focus on complying with regulatory requirements while offering more diversified investment options. ”The rise of cryptocurrency provides investors with new opportunities for asset allocation,” Ng said.
HashKey Exchange CEO Livio Weng added that the collaboration aims to drive the development of Hong Kong’s Web3 ecosystem and expand financial services for users.
This launch follows ZA Bank’s sandbox trial of its virtual asset trading service in October and comes as Hong Kong increasingly embraces crypto innovation. Retail crypto trading only became available in the region in August 2023, and just three exchanges—OSL, HashKey, and Hong Kong Virtual Asset Exchange (HKVAX)—are currently licensed by the Securities Futures Commission (SFC).
ZA Bank, licensed by the Hong Kong Monetary Authority since 2019, serves over 800,000 users and remains a leader in the city’s digital banking sector. HashKey, established in 2018, is a key player in Hong Kong’s crypto landscape.
The SFC has indicated that more licenses for crypto exchanges could be granted by the end of the year, reflecting the region’s push to position itself as a global hub for digital assets.
Featured image from: cointelegraph.com