Hong Kong’s ZA Bank launches Bitcoin and Ethereum trading
The service, made available from 25 November, requires users to maintain a ZA Bank account and complete a risk assessment via the bank’s app.
ZA Bank, Hong Kong’s largest virtual bank, has introduced a service allowing retail users to trade Bitcoin and Ethereum directly using fiat currency. Announced on 25 November, the new feature requires users to hold a ZA Bank account and complete a risk assessment before accessing the service via the bank’s app.
The service, launched in collaboration with cryptocurrency exchange HashKey, aims to comply with Hong Kong’s regulatory standards while merging traditional banking with digital assets. HashKey’s CEO, Livio Weng, emphasised the partnership’s role in driving the Web3 ecosystem’s growth and enhancing financial offerings for users.
Retail crypto trading in Hong Kong only became available in August 2023, with three licensed exchanges operating under the Securities and Futures Commission. The financial regulator has suggested that additional licences could be granted by the end of the year, signalling growth in the region’s digital asset sector.