Retail customers in Hong Kong can now seamlessly trade cryptocurrencies like Bitcoin
$93,548.06
and Ethereum
$3,380.65
using fiat currencies, thanks to a new service launched by ZA Bank, the region’s largest digital bank.
ZA Bank’s announcement stated that eligible participants must hold an account with the bank and complete a compulsory risk assessment. Once these criteria are met, users can utilize the bank’s mobile app to engage in cryptocurrency trading.
This initiative was developed in collaboration with the cryptocurrency exchange HashKey. ZA Bank’s alternate chief executive, Calvin Ng, explained that the partnership aligns with regulatory requirements and aims to bridge the gap between conventional financial services and digital assets.
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HashKey Exchange’s CEO, Livio Weng, emphasized the ongoing partnership with ZA Bank to promote the growth of the Web3 ecosystem. He also stressed the focus on providing users with various financial solutions as part of this collaboration.
Currently, only three crypto exchanges are authorized by the region’s financial regulator, the Securities and Futures Commission (SFC). These include OSL and HashKey, which secured their licenses in 2020 and 2022, respectively, and the Hong Kong Virtual Asset Exchange (HKVAX), licensed in October 2023.
The SFC has suggested that more crypto exchanges and digital asset firms could receive regulatory approval in the coming months. ZA Bank, licensed in 2019 by the Hong Kong Monetary Authority, remains a pioneer in digital banking with a user base exceeding 800,000.
As Hong Kong embraces retail crypto trading, regulatory scrutiny remains a concern for the sector. Recently, the HKMA issued a warning to crypto firms about legal violations tied to banking misuse. What consequences could these firms face? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
