ZA Bank Becomes First Asian Bank to Offer Retail Crypto Trading Services
Hong Kong’s ZA Bank has announced its entry into crypto trading, becoming the first bank in Asia to offer retail users direct access to digital assets.
Through its mobile app, users can now trade leading cryptocurrencies in Hong Kong dollars (HKD) and U.S. dollars (USD) seamlessly, eliminating the need for external platforms.
ZA Bank partnered with HashKey Exchange, a licensed Hong Kong-based cryptocurrency platform, to launch this service, according to a Monday press release.
ZA Bank Uses HashKey Pro
ZA Bank’s initiative utilizes HashKey Pro, an institutional-grade solution designed to integrate crypto trading into financial systems.
HashKey Pro provides features such as API trading, block trade services, and robust account management tools to support enterprise-level operations.
“HashKey Pro, as a one-stop virtual asset solution, enables traditional financial institutions to quickly adopt virtual asset trading capabilities, lowering technological barriers and providing users with a convenient and efficient trading experience,” said Livio Weng, CEO of HashKey Exchange.
HashKey is one of three licensed cryptocurrency exchanges operating in Hong Kong, alongside OSL and HKVAX.
The launch coincides with a bullish crypto market, driven by renewed optimism following U.S. President Donald Trump’s re-election.
More Good News as Bull Market Rages On!
— Whale Catcher
ZA Bank has become the first bank in Hong Kong to offers direct #cryptocurrency trading services to its retail users.
This is huge! Just one year ago, no one would have thought that banks would start offering #crypto services. pic.twitter.com/SIn6VeKW9l(@Whale__Catcher) November 25, 2024
Bitcoin recently surpassed its previous all-time high multiple times, peaking close to $100,000 before settling at around $98,000.
“We believe this innovative collaboration has initiated a ‘swarm effect.’ We can build the best liquidity and trading network in the licensed market by serving and integrating dozens of financial institutions,” Weng added.
“This will attract more traditional financial institutions to enter the virtual asset market, collectively advancing the industry’s compliance and innovative growth.”
Hong Kong Issues Third Crypto Trading Platform License
In October, Hong Kong’s financial regulator granted its third license under the new crypto trading platform regime, with plans to approve more by the end of the year.
At the time, Julia Leung, Chief Executive of the Securities and Futures Commission (SFC), confirmed that HKVAX is the latest firm to receive a license to operate as a crypto exchange in Hong Kong.
Leung highlighted that 11 other platforms are currently on the SFC’s “deemed-to-be-licensed” list, which includes firms that have submitted applications under the new regime.
The SFC has conducted initial onsite inspections of these applicants and has asked them to make necessary adjustments to comply with regulatory requirements.
Leung expressed the regulator’s aim to issue more licenses in batches by year-end.
As reported, 11 Hong Kong cryptocurrency exchanges, which initially received provisional approvals, have come under regulatory scrutiny.
This came after the city’s SFC conducted on-site inspections of these “deemed-to-be-licensed” platforms and found several practices that fell short of regulatory expectations.
The inspections revealed that some crypto firms are overly dependent on a limited number of executives for the custody of client assets, raising concerns about their ability to manage these responsibilities effectively.
The post ZA Bank Becomes First Asian Bank to Offer Retail Crypto Trading Services appeared first on Cryptonews.
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ZA Bank Becomes First Asian Bank to Offer Retail Crypto Trading Services
Hong Kong’s ZA Bank has announced its entry into crypto trading, becoming the first bank in Asia to offer retail users direct access to digital assets.
Through its mobile app, users can now trade leading cryptocurrencies in Hong Kong dollars (HKD) and U.S. dollars (USD) seamlessly, eliminating the need for external platforms.
ZA Bank partnered with HashKey Exchange, a licensed Hong Kong-based cryptocurrency platform, to launch this service, according to a Monday press release.
ZA Bank Uses HashKey Pro
ZA Bank’s initiative utilizes HashKey Pro, an institutional-grade solution designed to integrate crypto trading into financial systems.
HashKey Pro provides features such as API trading, block trade services, and robust account management tools to support enterprise-level operations.
“HashKey Pro, as a one-stop virtual asset solution, enables traditional financial institutions to quickly adopt virtual asset trading capabilities, lowering technological barriers and providing users with a convenient and efficient trading experience,” said Livio Weng, CEO of HashKey Exchange.
HashKey is one of three licensed cryptocurrency exchanges operating in Hong Kong, alongside OSL and HKVAX.
The launch coincides with a bullish crypto market, driven by renewed optimism following U.S. President Donald Trump’s re-election.
More Good News as Bull Market Rages On!
— Whale Catcher
ZA Bank has become the first bank in Hong Kong to offers direct #cryptocurrency trading services to its retail users.
This is huge! Just one year ago, no one would have thought that banks would start offering #crypto services. pic.twitter.com/SIn6VeKW9l
Bitcoin recently surpassed its previous all-time high multiple times, peaking close to $100,000 before settling at around $98,000.
“We believe this innovative collaboration has initiated a ‘swarm effect.’ We can build the best liquidity and trading network in the licensed market by serving and integrating dozens of financial institutions,” Weng added.
“This will attract more traditional financial institutions to enter the virtual asset market, collectively advancing the industry’s compliance and innovative growth.”
Hong Kong Issues Third Crypto Trading Platform License
In October, Hong Kong’s financial regulator granted its third license under the new crypto trading platform regime, with plans to approve more by the end of the year.
At the time, Julia Leung, Chief Executive of the Securities and Futures Commission (SFC), confirmed that HKVAX is the latest firm to receive a license to operate as a crypto exchange in Hong Kong.
Leung highlighted that 11 other platforms are currently on the SFC’s “deemed-to-be-licensed” list, which includes firms that have submitted applications under the new regime.
The SFC has conducted initial onsite inspections of these applicants and has asked them to make necessary adjustments to comply with regulatory requirements.
Leung expressed the regulator’s aim to issue more licenses in batches by year-end.
As reported, 11 Hong Kong cryptocurrency exchanges, which initially received provisional approvals, have come under regulatory scrutiny.
This came after the city’s SFC conducted on-site inspections of these “deemed-to-be-licensed” platforms and found several practices that fell short of regulatory expectations.
The inspections revealed that some crypto firms are overly dependent on a limited number of executives for the custody of client assets, raising concerns about their ability to manage these responsibilities effectively.
The post ZA Bank Becomes First Asian Bank to Offer Retail Crypto Trading Services appeared first on Cryptonews.
Read More