Hong Kong’s ZA Bank has announced its entry into the crypto trading industry, becoming the first bank in Asia to provide retail consumers with direct access to digital assets.
Users can now seamlessly trade top cryptocurrencies in Hong Kong dollars (HKD) and U.S. dollars (USD) through its mobile app, eradicating the necessity for external platforms.
This service was launched by ZA Bank in collaboration with HashKey Exchange, a licensed Hong Kong-based cryptocurrency platform, as per a press release issued on Monday.
HashKey Pro is implemented by ZA Bank
ZA Bank’s initiative employs HashKey Pro, an institutional-grade solution to integrate crypto trading into financial systems.
HashKey Pro offers API trading, block trade services, and robust account administration tools to facilitate enterprise-level operations.
“HashKey Pro, a comprehensive virtual asset solution, enables traditional financial institutions to rapidly integrate virtual asset trading capabilities, thereby reducing technological barriers and offering users a user-friendly and efficient trading experience,” stated Livio Weng, CEO of HashKey Exchange.
Alongside OSL and HKVAX, HashKey is one of three licensed cryptocurrency exchanges in Hong Kong.
The re-election of U.S. President Donald Trump has sparked a bullish crypto market, which is coinciding with the launch.
Bitcoin has surpassed its all-time high on multiple occasions, reaching a peak of nearly $100,000 before stabilizing at approximately $98,000.
“We think that this innovative collaboration has sparked a swarm effect.'” Weng further stated that we can establish the most effective liquidity and trading network by serving and integrating dozens of financial institutions in the licensed market.
“This will encourage additional conventional financial institutions to participate in the virtual asset market, thereby fostering the industry’s innovative growth and compliance.”
Hong Kong has Issued the Third Cryptocurrency Trading Platform License
Hong Kong’s financial regulator issued its third license under the new crypto trading platform regime in October, and it intends to issue additional licenses by the end of the year.
At that time, Julia Leung, the Chief Executive of the Securities and Futures Commission (SFC), verified that HKVAX was the most recent company to be granted a license to operate as a crypto exchange in Hong Kong.
Leung emphasized that the SFC’s “deemed-to-be licensed” list presently includes 11 additional platforms: firms that have submitted applications under the new regime.
The SFC has conducted preliminary onsite inspections of these applicants and has requested that they implement the requisite modifications to ensure compliance with regulatory requirements.
Leung articulated the regulator’s objective to issue additional licenses in installments by the end of the year.
11 Hong Kong cryptocurrency exchanges, initially granted provisional approval, have been subject to regulatory scrutiny, as previously reported.
This occurred after the city’s SFC conducted onsite inspections of these “deemed-to-be licensed” platforms, identifying numerous practices that failed to meet regulatory standards.
The inspections disclosed that certain crypto firms excessively rely on a few executives for the custody of client assets, raising concerns about their capacity to manage these responsibilities effectively.
