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    Hong Kong’s ZA Bank Launches Bitcoin and Ethereum Trading in Partnership with HashKey

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    Hong Kong’s ZA Bank has introduced a feature enabling users to buy and sell Bitcoin and Ethereum with regular money. Users must have a ZA Bank account and pass a risk assessment before trading. The service, a collaboration with cryptocurrency exchange HashKey, aims to combine conventional banking with crypto. HashKey plans to continue working with ZA Bank on diverse financial services and developing the Web3 ecosystem. This move follows the recent rise of retail crypto trading in Hong Kong, with only three exchanges currently granted licenses by the Securities Futures Commission.

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    ZA Bank, the biggest digital bank in Hong Kong, has started a new feature that lets regular folks buy and sell Bitcoin and Ethereum with regular money. To use this new service, the folks in Hong Kong need to have an account with ZA Bank and take a quick risk check before making any crypto transactions on the bank’s app. As of now, only Bitcoin and Ethereum are available for purchase through ZA Bank.

    According to Calvin Ng, the deputy head honcho of ZA Bank, this service is their way of bringing together the worlds of regular banking and crypto, and it was created with the help of cryptocurrency exchange company HashKey so everything runs smoothly and safely. Calvin thinks that the rise of cryptocurrency gives people more options on where to put their money for potential growth.

    The top dog of HashKey Exchange, Livio Weng, said that they’re going to keep working closely with ZA Bank on developing more diverse financial services and the so-called Web3 ecosystem.

    ZA Bank tested out this service in a sandbox trial run back in October. As for retail crypto trading in Hong Kong, it’s pretty new, having started only in August 2023. About only three exchanges are licensed currently by the financial regulator of Hong Kong, the Securities Futures Commission (SFC). The exchange companies OSL and HashKey got their licenses in 2020 and 2022, respectively, while the Hong Kong Virtual Asset Exchange (HKVAX) received its license in October.

    Nevertheless, it seems like the SFC might approve more licenses for crypto exchanges and digital asset companies in the region by year-end.

    Just FYI – ZA Bank got its license from the Hong Kong Monetary Authority in 2019 and is now the first and biggest digital bank in Hong Kong with over 800,000 users. HashKey has been around since 2018.

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