Ethereum

Bank

bullish

Pilot

Toncoin

<ul class="wp-block-list"> 
 <li>Hong Kong’s leading digital bank ZA bank has begun offering pilot services for virtual asset trading.&nbsp;</li> 
 <li>The region has been focusing on crypto -related regulations over the past months.</li> 
</ul> 
Web3 space is an ever-evolving landscape with new initiatives surfacing every other day. Recently, Vitalik Buterin has been discussing the Ethereum ecosystem’s advancements and upcoming upgrades. Meanwhile, the cryptocurrency realm has also shown bullish signs in the past day.&nbsp; 
In Hong Kong, the nation’s first digital bank ZA Bank has announced that it would begin the pilot version of its virtual asset trading services. The Hong Kong bank’s <a href="https://bank.za.group/en/content/0e803624-fe3e-4485-a61e-fe6d84d2c74f" target="_blank" rel="noreferrer noopener nofollow">official announcement</a> stated that this initiative aims to enable more reliable and convenient ways of banking in a ‘strictly regulated banking environment’.&nbsp; 
Additionally, upon successful completion of the pilot, ZA Bank plans to officially roll out virtual asset trading services in its very own app. The bank has identified through a survey that 75% of Hong Kong retail investors were interested in trading cryptocurrencies. Moreover, the bank’s CEO also applauded the initiative.&nbsp; 
CEO Ronald Lu stated in the official statement: 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “This milestone not only signifies ZA Bank’s continued progress towards our ‘Banking for Web3’ vision, but also demonstrates our commitment to supporting the development of virtual assets in Hong Kong.” 
</blockquote> 
Ronald Lu also discussed the Hong Kong government’s positive regulatory announcements in the past FinTech week. He said a supportive regulatory landscape could help foster more innovation within the state.&nbsp; 
<h3 class="wp-block-heading" id="h-is-hong-kong-aiming-to-lead-within-the-crypto-realm-nbsp">Is Hong Kong Aiming to Lead Within the Crypto Realm?&nbsp;</h3> 
Hong Kong has been spotlighting cryptocurrency intensely over the past few months. The region has majorly focused on regulations apart from initiating several CBDC pilot projects and other virtual asset-related projects. Relatedly, another bank, <a href="https://thenewscrypto.com/hong-kongs-mox-bank-offers-bitcoin-and-ether-etfs-trading/" target="_blank" rel="noreferrer noopener">Mox</a> recently began offering Bitcoin and Ether ETFs trading in August.&nbsp; 
Furthermore, the Hong Kong government has made several <a href="https://thenewscrypto.com/hong-kong-strengthens-crypto-regulation-with-new-oversight-for-otc-trading/" target="_blank" rel="noreferrer noopener">announcements</a> on regulations in the past months. Related to the ZA Bank announcement, the Singapore-based <a href="https://www.dbs.com.sg/index/default.page#csb" target="_blank" rel="noreferrer noopener nofollow">DBS Bank</a> has integrated blockchain technology into its banking systems and operational procedures.&nbsp; 
Zooming out, on the global level there can be observed an increase in banking systems turning towards digital assets. Several banks have begun adopting digital asset services indicating the notion of cryptocurrency becoming mainstream.&nbsp; 
Highlighted Crypto News Today: &nbsp; 
<a href="https://thenewscrypto.com/toncoin-ton-exudes-bearish-vibes-but-some-signs-disagree/" target="_blank" rel="noreferrer noopener">Toncoin (TON) Exudes Bearish Vibes But Some Signs Disagree?</a>

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

Table of Contents

TheNewsCrypto

Other articles published on Oct 29, 2024

ApeChain Launches on Mainnet With Arbitrum Orbit

Bitcoin Spot ETFs Records $2.67B in Inflows in Just One Week

Albilad CSOP ETF Attracts $1.3B as Middle East Eyes Chinese Market Growth

Xandeum Confirms XAND Token Launch and xandSOL LST for October 29

XRP Price Surges Following Large Whale Transaction

Fetch.AI Price Prediction: Will FET Surge Past $1.40 Soon?

Join our free newsletter for daily crypto updates!