11/25/2024
Hong Kong is experiencing a revolution: Largest digital bank launches cryptocurrency trading
Coingarage Exchange
Hong Kong is experiencing a revolution: Largest digital bank launches cryptocurrency trading
The history of finance is being made again in Hong Kong. The region's largest virtual bank, ZA Bank, is pleased to announce a new service that allows retail users to buy and sell popular cryptocurrencies, specifically Bitcoin and Ether, directly for fiat currency. This long-awaited development opens the door for a range of investment opportunities and significantly pushes the boundaries of traditional banking.
According to the bank's official statement on November 25, Hong Kong residents will be able to use the service after meeting two basic conditions: having an account with ZA Bank and passing a risk assessment. The move demonstrates the bank's emphasis on ensuring security and transparency in cryptocurrency trading.
Limited supply but promising prospects
While the purchase option is limited to Bitcoin (BTC) and Ethereum (ETH), ZA Bank plans to further expand its services. Calvin Ng, deputy CEO of the bank, said they have launched the service in partnership with cryptocurrency exchange HashKey, which aims to meet regulatory requirements and integrate traditional banking with the cryptocurrency market. "The rise of cryptocurrencies offers investors more diverse asset allocation options," Ng noted.
HashKey's Chief Intellectual Officer, Livio Weng, confirmed that the company will continue to work closely with ZA Bank to develop new services targeting the Web3 market and diversified financial products. This collaboration is a key step towards creating a robust ecosystem for cryptocurrencies in Hong Kong.
A new direction for the cryptocurrency market in Hong Kong
As such, retail cryptocurrency trading in Hong Kong only began in August 2023, and today only three exchanges are licensed. Among them are OSL and HashKey, which have been licensed by the Hong Kong Securities and Futures Commission. Confidence in regulation and clear rules are key to the development of the market; the SFC has indicated that more crypto exchange licenses may be expected by the end of the year.
ZA Bank, which received its license from the Hong Kong Monetary Authority in 2019, has become a pioneer in digital banking with more than 800,000 users. This new step in cryptocurrency not only provides a wide range of investment opportunities, but also spurs further market development across the region.
This revolutionary change promises to make Hong Kong a hub of digital innovation and attract more investors looking for new opportunities in both the traditional and cryptocurrency banking worlds.
*This is not an investment advisory service.
Coingarage team