ZA Bank launches crypto trading for retail users in Hong Kong

ZA Bank, Hong Kong’s first digital bank, has introduced a service allowing retail users to trade Bitcoin (CRYPTO:BTC) and Ether (CRYPTO:ETH)  with fiat currency. 

As announced on November 25, the service requires users to have a ZA Bank account and complete a risk assessment. 

Access is provided through the bank’s app, focusing solely on Bitcoin and Ether, with no additional cryptocurrencies currently included. 

The initiative, developed in partnership with HashKey Exchange, complies with regulatory standards and bridges traditional banking with digital assets. 

Calvin Ng, alternate chief executive of ZA Bank, highlighted that cryptocurrency offers investors diverse asset allocation opportunities. 

Livio Weng, CEO of HashKey Exchange, emphasised the collaboration's role in advancing the Web3 ecosystem and expanding financial services. 

ZA Bank first trialed its virtual asset trading services in October through a sandbox initiative. 

This development follows Hong Kong’s move to permit retail crypto trading in August 2023. 

Presently, only three exchanges hold licenses from the Securities and Futures Commission (SFC): OSL, HashKey, and Hong Kong Virtual Asset Exchange (HKVAX). 

The SFC has signaled the potential approval of additional crypto exchange licenses by the end of 2024. 

ZA Bank, licensed by the Hong Kong Monetary Authority since 2019, serves over 800,000 users.