Originally published on: November 25, 2024
ZA Bank, the largest virtual bank in Hong Kong, has recently rolled out a new service that allows retail users to easily purchase and sell Bitcoin and Ethereum using traditional fiat currencies.
To access this new feature, Hong Kong residents must have an account with ZA Bank and go through a risk assessment process. The service is conveniently integrated into the bank’s mobile app, making it accessible to users on the go.
Currently, users can only buy Bitcoin and Ether through ZA Bank’s platform, with Ether priced at $3,730.93 and Bitcoin at $97,160. Other cryptocurrencies are not available at this time.
Calvin Ng, the alternate chief executive of ZA Bank, highlighted that this service was developed in collaboration with HashKey, a reputable cryptocurrency exchange. This partnership aims to comply with regulatory standards while bridging the gap between traditional banking and the world of crypto.
Ng emphasized that the emergence of cryptocurrencies offers investors diverse opportunities for asset allocation, paving the way for a more inclusive financial landscape.
Livio Weng, CEO of HashKey Exchange, expressed the team’s dedication to fostering the Web3 ecosystem and expanding financial services for users. The collaboration between ZA Bank and HashKey aims to enrich the trading experience for customers.
Retail crypto trading in Hong Kong officially started in August 2023, with only three licensed exchanges, including OSL, HashKey, and Hong Kong Virtual Asset Exchange (HKVAX). However, the Securities Futures Commission (SFC) of Hong Kong anticipates approving more licenses for digital asset firms in the near future.
ZA Bank, licensed by the Hong Kong Monetary Authority in 2019, has established itself as the leading digital bank in the region, with a user base exceeding 800,000. HashKey Exchange, founded in 2018, has become a trusted platform for crypto enthusiasts.
With ZA Bank’s innovative approach to retail crypto trading, investors in Hong Kong now have a seamless way to explore the world of Bitcoin and Ethereum directly through their bank. Stay tuned for more updates on the evolving crypto landscape.
