The largest virtual bank in Hong Kong now offers retail users the ability to purchase Ether and Bitcoin, requiring an account and risk assessment.
ZA Bank, the largest virtual bank in Hong Kong, has introduced a new service that enables retail users to purchase and sell Bitcoin and Ethereum directly using fiat.
Hong Kong residents must establish an account with the bank and complete a risk assessment before accessing the new crypto service integrated with the bank’s application, as stated in a statement issued on November 25.
Ether and Bitcoin are the only digital currencies users can purchase through ZA Bank. There was no mention of any other cryptocurrencies.
Calvin Ng, the alternate chief executive of ZA Bank, stated that the service was initiated in collaboration with cryptocurrency exchange HashKey to satisfy regulatory requirements and advance the integration of traditional banking with crypto.
Ng stated that the emergence of cryptocurrency has provided investors with a broader range of asset allocation opportunities.
Mr. Livio Weng, CEO of HashKey Exchange, stated that the exchange will persist in collaborating with ZA Bank to advance the Web3 ecosystem and provide “a wide range of financial services to our users.”
ZA Bank initiated a sandbox trial for its virtual asset trading service in October.
In August 2023, retail crypto trading was initiated in Hong Kong. The Securities Futures Commission (SFC) of Hong Kong has issued licenses to only three exchanges.
OSL and HashKey, two cryptocurrency exchanges, were granted licenses in 2020 and 2022, respectively. Hong Kong Virtual Asset Exchange (HKVAX) became the third in October.
The SFC has hinted that additional licenses for crypto exchanges and digital asset firms operating in the region may be granted by the end of the year.
In 2019, the Hong Kong Monetary Authority gave ZA Bank a license, thereby becoming the first and largest digital bank in Hong Kong. There are more than 800,000 users of ZA Bank. In 2018, HashKey was founded.
