Hong Kong’s ZA Bank Launches Pilot for Crypto Trading Services

Last updated:

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Last updated:

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

ZA Bank

Hong Kong’s largest virtual lender ZA Bank said Tuesday that it launched a sandbox trial for its virtual asset trading service.

This service seeks to provide eligible Hong Kong retail investors with a streamlined virtual asset trading experience within a tightly regulated banking framework, boosting fintech advancement in Hong Kong.

Following a successful pilot trial, ZA Bank will initiate preparations for the official rollout of its virtual asset service within its app.

High Returns Drive Hong Kong’s Growing Appetite for Crypto Investments

The bank cited a market study showing that 75% of Hong Kong retail investors are interested in crypto trading. Among them, 41% prefer investing in spot or futures crypto ETFs listed in Hong Kong, while 39% favor options from locally licensed and regulated virtual asset platforms.

The study also reveals key motivations for crypto investment, including portfolio diversification, potentially higher short-term returns, and expectations of wider societal acceptance.

ZA Bank CEO Lauds Crypto-Friendly Policies at Hong Kong FinTech Week 2024

At Hong Kong FinTech Week 2024, several policy announcements spotlighted cryptocurrency, reinforcing Hong Kong’s ambition to become Asia’s leading digital asset hub.

ZA Bank CEO Ronald Iu noted that the government’s positive policies and industry announcements would bring new momentum to the local fintech scene.

Hong Kong aims to increase the number of licensed crypto trading platforms, with plans to authorize more digital asset exchanges by late 2024 following a review. The government also intends to introduce tax incentives for crypto investments by year’s end.

Additionally, Hong Kong’s stock exchange operator plans to launch a Virtual Asset Index Series featuring indices for major cryptocurrencies like Bitcoin and Ethereum, facilitating streamlined digital asset trading and investment.

You May Also Like