- Hong Kong’s largest virtual bank, ZA Bank, has launched a crypto service allowing retail users to buy and sell Bitcoin and Ether using fiat currency.
- Customers need to have an account with ZA Bank and undergo a risk assessment before accessing the crypto trading service through the bank’s app.
- ZA Bank partnered with cryptocurrency exchange HashKey to meet regulatory requirements and merge traditional banking with crypto services.
Hong Kong’s largest virtual bank, ZA Bank, has launched a new service allowing retail users to buy and sell Bitcoin and Ethereum directly using fiat.
ZA Bank Partners with Crypto Exchange
According to a Nov 25 statement from the bank, Hong Kong residents need an account with the bank and must undergo a risk assessment before using the new crypto service linked with the bank’s app.
Users can only buy Ether (ETH) and Bitcoin (BTC) through ZA Bank. No other cryptocurrencies were mentioned.
ZA Bank offers its users the chance to buy Ether and Bitcoin as part of its new service, according to ZA Bank.
Calvin Ng, alternate chief executive of ZA Bank, said the service was launched in partnership with cryptocurrency exchange HashKey to meet regulatory requirements and work toward merging traditional banking with crypto.
Expansion of Web3 Ecosystem
The rise of cryptocurrency presents investors with more diverse asset allocation opportunities, Ng said.
Livio Weng, CEO of HashKey Exchange, said the exchange will continue working closely with ZA Bank to drive the development of the Web3 ecosystem and diversified financial services to our users.
Regulatory Approval
ZA Bank launched a sandbox trial for its virtual asset trading service in October.
Retail crypto trading only began in Hong Kong in August 2023. Only three exchanges are currently licensed by Hong Kong’s financial regulator, the Securities & Futures Commission (SFC).
Crypto exchanges OSL and HashKey received licenses in 2020 and 2022 respectively. Hong Kong Virtual Asset Exchange (HKVAX) became the third in October.
The SFC has flagged the possibility that more licenses for crypto exchanges and digital asset firms operating in the region will likely be approved by the end of the year.
Background on ZA Bank and HashKey
ZA Bank was licensed by the Hong Kong Monetary Authority in 2019 and became Hong Kong’s first and largest digital bank. ZA Bank has over 800,000 users. HashKey was established in 2018.
