Hong Kong’s ZA Bank announced the launch of a cryptocurrency trading service, allowing retail users to directly trade transaction assets such as Bitcoin. ZA Bank claims to be the first digital lender in Asia to offer such services, and now allows users to buy and sell Bitcoin and Ether through its apps through Fiat currencies HKD and USD. To access this new feature, users must first open an account with ZA Bank and complete a risk assessment to ensure they are ready to use volatile crypto assets.
Through this service, ZA Bank aims to simplify encrypted access (personal income transactions) for retail users, thus providing benefits such as zero commissions for a limited time. On a wider scale, the bank expressed its ambition to undermine the Traditional Finance (TradFI) sector.
“As the only bank in Asia that provides funding, U.S. stock and virtual asset trading services, ZA Bank is committed to aligning with regulatory policies and market demand with consistency, while promoting deeper integration between finance and technology. Starting at $70/ HKD starts trading cryptocurrencies at $600, offering maximum flexibility. ZA announces the development with zero percent commission.
Trade and holding crypto assets are legal in Hong Kong. However, the region does not consider any crypto assets equivalent to HKD.
As early as 2022, Hong Kong ranked first in the “Global Crypto Preparation Report” recommended by Forex. The same year, Hong Kong authorities said they were exploring ways to legalize cryptocurrency trading through retail investors, review the property rights of token assets, and monitor the legality of smart contracts.
Za Bank, which was licensed by the Hong Kong Monetary Authority in 2019, noted in its post that Hong Kong’s ongoing interest in exploring cryptocurrency assets has led the company to introduce its crypto services.
“A recent survey conducted by the Hong Kong Banking Association showed that nearly 70% of respondents believed that if banks provide virtual asset trading services, this would make buying and selling virtual assets more convenient or could help popularize cryptocurrency transactions. The rise of cryptocurrencies More different asset allocation opportunities are provided for investors,” the announcement post explained.
According to ZA Bank alternative CEO Calvin Ng, the bank has a partnership with Hashkey Exchange to provide bank-grade security in virtual asset transactions.
This year, Hong Kong has accelerated its efforts to establish a regulatory framework that oversees the cryptocurrency sector. In June, the HKSAR Legislative Council established a new subcommittee aimed at drafting comprehensive crypto legislation.
Hong Kong authorities are also reviewing cryptocurrency companies’ compliance to ensure investors protect the scam.
