In a statement issued on November 25, the bank outlined that to utilize this cryptocurrency service, customers in Hong Kong must have an account with ZA Bank and complete a risk assessment.
This service is conveniently accessible through the bank’s mobile app. Currently, Bitcoin (BTC) and Ethereum (ETH) are the only digital currencies available for transactions on the ZA Bank platform, and there are no plans to support additional cryptocurrencies at this moment. Partnership with HashKey Calvin Ng, the alternate chief executive of ZA Bank, emphasized that this new offering is a joint effort with HashKey, a well-known cryptocurrency exchange.
The partnership aims to meet regulatory requirements while bridging the gap between traditional banking and the world of cryptocurrency.
Ng highlighted the expanding opportunities within the cryptocurrency market, suggesting that investors now have varied options for asset allocation. On the other side of the partnership, Livio Weng, CEO of HashKey Exchange, reiterated their commitment to collaborating with ZA Bank to enrich the Web3 ecosystem and develop a wider array of financial services for users. Regulatory Landscape in Hong Kong ZA Bank launched a sandbox trial for its virtual asset trading services in October, following the initiation of retail cryptocurrency trading in Hong Kong back in August 2023.
Presently, only three exchanges have received licenses from the Securities and Futures Commission (SFC), the body responsible for overseeing financial operations in the region. The SFC has indicated that it may approve more licenses for cryptocurrency exchanges and digital asset companies before the year concludes.
ZA Bank has held a license from the Hong Kong Monetary Authority since 2019 and proudly serves over 800,000 users.
HashKey, founded in 2018, is also making strides in this rapidly evolving market landscape. “`html
Source: Cointelegraph.com
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