ZA Bank Enables Bitcoin and Ethereum Purchases Through Its App
ZA Bank, Hong Kong’s largest virtual bank, has recently unveiled a new service that allows retail users to buy and sell Bitcoin (BTC) and Ethereum (ETH) directly through its platform. This move marks a significant step in bridging the gap between traditional banking and the growing cryptocurrency market in Hong Kong.
ZA Bank’s New Crypto Service
In a statement released on November 25, ZA Bank announced the launch of its new crypto trading feature, which will enable Hong Kong residents to purchase Bitcoin and Ethereum using fiat currencies. To use the service, customers must have an account with ZA Bank and complete a risk assessment before accessing the crypto trading feature through the bank’s mobile app.
The new service is offered in partnership with the cryptocurrency exchange HashKey, which ensures that the service complies with local regulatory requirements. Calvin Ng, the alternate chief executive of ZA Bank, emphasized that the integration of cryptocurrency services into the bank’s offerings aims to provide investors with more diverse asset allocation opportunities. He added, The rise of cryptocurrency presents investors with more diverse asset allocation opportunities.
Collaboration with HashKey Exchange
HashKey, a cryptocurrency exchange that has been active in Hong Kong since 2018, is working closely with ZA Bank to drive the development of the Web3 ecosystem. According to Livio Weng, CEO of HashKey Exchange, the exchange will continue to collaborate with ZA Bank to deliver “diversified financial services” to users and foster the growth of the cryptocurrency market in the region. This partnership aligns with Hong Kong’s push to become a global hub for digital assets and Web3 technologies.
The collaboration is a part of a broader trend in Hong Kong, where the regulatory environment for cryptocurrencies has been evolving. In August 2023, Hong Kong officially began allowing retail crypto trading, and the Securities Futures Commission (SFC) has been licensing crypto exchanges to ensure the market operates within a controlled framework. Currently, only three exchanges—OSL, HashKey, and Hong Kong Virtual Asset Exchange (HKVAX)—are licensed to operate in the region.
The Future of Crypto in Hong Kong
The move by ZA Bank is also part of Hong Kong’s broader efforts to establish itself as a leader in the cryptocurrency and digital asset space. The SFC has indicated that more licenses for crypto exchanges and digital asset firms could be approved by the end of 2024, further strengthening Hong Kong’s position in the global crypto market.
ZA Bank, which was licensed by the Hong Kong Monetary Authority (HKMA) in 2019, remains the first and largest digital bank in Hong Kong, serving over 800,000 users. This new service is a significant addition to the bank’s offerings, allowing users to seamlessly trade cryptocurrencies within a traditional banking environment.
With the backing of HashKey Exchange and regulatory support from the SFC, ZA Bank’s crypto service is expected to continue growing as more retail investors explore the world of digital assets.
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