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Hong Kong virtual bank enables Bitcoin and Ether trading

Hong Kong virtual bank enables Bitcoin and Ether trading

GrafaGrafa2024/11/25 13:20
By:Isaac Francis

ZA Bank, Hong Kong's largest digital bank, has launched a retail crypto trading service, allowing users to trade Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) directly using fiat currency.  

According to a statement on November 25, the service is accessible via the bank's app and is limited to residents of Hong Kong.  

Users must hold an account with ZA Bank and complete a risk assessment to access the feature.  

The service focuses exclusively on Bitcoin and Ether, with no other cryptocurrencies available at this stage.  

ZA Bank partnered with HashKey Exchange to ensure compliance with local regulatory standards.  

Calvin Ng, alternate chief executive of ZA Bank, highlighted the importance of the initiative in integrating traditional banking with cryptocurrency.  

“The rise of cryptocurrency presents investors with more diverse asset allocation opportunities,” Ng said.  

HashKey Exchange's CEO, Livio Weng, affirmed the collaboration, stating the partnership aims to support the Web3 ecosystem while providing diversified financial services to users.  

Retail crypto trading in Hong Kong commenced in August 2023 under the regulatory framework of the Securities Futures Commission (SFC).  

Only three exchanges currently hold licenses in the region: OSL, HashKey, and Hong Kong Virtual Asset Exchange (HKVAX).  

ZA Bank, licensed by the Hong Kong Monetary Authority in 2019, has over 800,000 users and is considered a pioneer in digital banking within the region.  

The bank tested its crypto trading service through a sandbox trial in October 2024, paving the way for its official launch.  

The SFC has indicated that additional licenses for crypto exchanges may be approved by the end of the year, signaling further growth in Hong Kong's digital asset sector.  

HashKey Exchange, established in 2018, continues to expand its role in fostering cryptocurrency adoption within regulated frameworks.  

At the time of reporting, the Bitcoin price was $98,269.11, and the Ethereum price was $3,384.22.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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