Hong Kong's ZA Bank Launches Asia's First Retail Crypto Trading

Hong Kong’s ZA Bank Launches Asia’s First Retail Crypto Trading Services

Updated: 25 November 2024

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ZA Bank, Hong Kong’s largest virtual bank, has become the first bank in Asia to offer crypto trading to retail customers.

This new offering allows users to buy and sell Bitcoin (BTC) and Ethereum directly using fiat currency. The service is available through the bank’s app, as long as the customers already have a ZA Bank account and have completed a risk assessment.

📢NEWS: 🇭🇰Hong Kong's ZA, the largest digital bank in Hong Kong, has become the first bank in Asia to provide cryptocurrency trading services DIRECTLY to retail users.

Its bank app allows users to buy and sell #Ethereum directly using legal currency! 🚀 pic.twitter.com/mt63oqOIZO

— Ethprofit.eth 🦇🔊 (@Ethprofit) November 25, 2024

To meet regulatory requirements and further integrate traditional banking with the cryptocurrency service, the bank has formed a partnership with crypto exchange HashKey.

ZA Bank And HashKey Partner To Enhance Web3 Ecosystem

Calvin Ng, the alternate chief executive at the bank, expressed his excitement about how the service will provide investors with more diversification into cryptocurrency.

Livio Weng, CEO of HashKey Exchange, said the company has made commitments to working with ZA Bank to develop the Web3 ecosystem further and extend financial services to users.

ZA Bank had in October introduced a trial version of the virtual asset trading services.

Retail crypto trading via crypto exchanges was initiated in Hong Kong in August 2023, with only three exchanges licensed by the Securities and Futures Commission (SFC) in Hong Kong.

They are OSL, HashKey, and Hong Kong Virtual Asset Exchange, commonly known as HKVAX.

The SFC is likely to issue more licenses to crypto exchanges and digital-asset firms by the end of the year.

ZA Bank, a fully licensed bank under the Hong Kong Monetary Authority since 2019, is Hong Kong’s biggest digital bank, with over 800,000 users. HashKey was founded in 2018.

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