Bank

Read

ZA Bank becomes the first Hong Kong digital-only bank to gain a license from the Securities and Futures Commission for Type 1 regulated activity. 
According to <a rel="" href="https://crypto.news/tag/hong-kong/">Hong Kong</a> news outlet <a href="https://www2.hkej.com/instantnews/hongkong/article/3890747/ZA+Bank%E7%8D%B2%E6%89%B9%E5%87%86%E5%8F%AF%E9%80%B2%E8%A1%8C%E8%99%9B%E6%93%AC%E8%B3%87%E7%94%A2%E4%BA%A4%E6%98%93" target="_blank">HKEJ</a>, on Sept. 30 a ZA Bank spokesperson said that ZA Bank has received approval from the China Securities Regulatory Commission to allow the company to add new conditions for virtual asset transactions to its Type 1 license. 
This news follows a year-long process the bank has undertaken since Hong Kong financial regulators tightened restrictions on unlicensed exchanges and the development of a regulated crypto ecosystem. 
The bank plans to implement an investment fund service and operate under <a rel="" href="https://crypto.news/hong-kong-crafts-crypto-otc-derivative-rules-in-accordance-with-european-standards/">crypto regulations</a> set by the country’s financial regulators. 
 You might also like: <a rel="" href="https://crypto.news/hong-kongs-crypto-ambitions-tested-by-licensing-issues-report/"> Hong Kong’s crypto ambitions tested by licensing issues: report </a> 
CEO of ZA Bank, Rockson Hsu, stated in <a href="https://bank.za.group/en/content/19e91b1c-5fa9-4f39-86c7-feb33fe0e324" target="_blank">a press release</a> that the firm remains committed to becoming a “game changer” for the banking sector two years after its official launch. He also highlighted the bank’s plan to launch an investment fund service. 
“We look forward to further enhancing users’ experience with our game-changing investment fund services!” said Hsu. 
Hong Kong introduced new regulations in 2022, requiring all crypto exchanges operating in the city to submit license applications by February 2024. Since then, over 24 companies <a rel="" href="https://crypto.news/hong-kongs-crypto-ambitions-tested-by-licensing-issues-report/">struggled to get licenses</a>. By Aug. 2024, around 12 applications have been withdrawn, including those from Bybit, Huobi HK, and OKX. 
In May, 2024, the SFC warned&nbsp;investors to only use licensed platforms. The country’s cryptocurrency regulations came into effect in June 2023. 
On July 18, 2024, ZA Bank began offering&nbsp;banking&nbsp;services to&nbsp;<a href="https://crypto.news/tag/stablecoin/" target="_blank">stablecoin</a>&nbsp;issuers after the Hong Kong Monetary Authority unveils a list of approved companies for its stablecoin sandbox initiative. 
In a press release on July 18, ZA Bank partnered with RD InnoTech, one of the first companies listed by the HKMA for sandbox trials. At that time, ZA Bank managed to onboard around ten additional stablecoin clients. 
 Read more: <a rel="" href="https://crypto.news/za-bank-offer-banking-for-hong-kong-stablecoin-issuers/"> ZA Bank launches banking solutions for stablecoin issuers in Hong Kong </a>

Hong Kong’s ZA Bank becomes first virtual bank to get SFC license

crypto.news

Other articles published on Sep 30, 2024

Taiwan FSC Greenlights Crypto ETFs for Professional Investors

Taiwan allows citizens to invest in foreign crypto ETFs

Vitalik Buterin: Ethereum Belum Benar-Benar Desentralisasi

Bitcoin, Ethereum, Dogecoin Price Dip Before Powell’s Speech

Earn 60% APY with iFasst – A Game-Changer in Decentralized and Automated System

$70,000 Has Never Been Closer for Bitcoin (BTC), Will Shiba Inu (SHIB) Finally Reach $0.00002? Et...

Join our free newsletter for daily crypto updates!