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Hong Kong-based ZA Bank has become the first digital neobank in the region to give retail customers access to crypto.
ZA Bank, <a href="https://crypto.news/tag/hong-kong/" target="_blank" rel="noopener noreferrer nofollow">Hong Kong</a>‘s largest digital bank, has introduced crypto trading for retail customers, allowing users to trade Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) in Hong Kong dollars and U.S. dollars.
In a press release on Nov. 25, the bank cited a Hong Kong Association of Banks <a href="https://www.hkab.org.hk/en/news/press-release/309" target="_blank" rel="noopener noreferrer nofollow">survey</a> that found nearly 70% of respondents see bank-backed crypto services as a way to simplify transactions and boost adoption. Users can start trading with a deposit of $70 and benefit from 0% commission during the first three months.
Users can start trading with a minimum deposit of $70, with zero commission offered for the first three months, according to the bank. ZA Bank has partnered with <a href="https://crypto.news/tag/hashkey/" target="_blank" rel="noopener noreferrer nofollow">HashKey</a> Exchange, a licensed Hong Kong-based crypto platform, to ensure regulatory compliance.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/hkma-teams-up-with-thailand-brazil-central-banks-on-cross-border-tokenization-pilots/"> HKMA teams up with Thailand, Brazil central banks on cross-border tokenization pilots </a>
The launch aligns with Hong Kong’s push to position itself as a regional hub for the crypto space as the industry sees significant global growth, with user numbers exceeding 560 million by mid-2024, according to industry <a href="https://www.henleyglobal.com/publications/crypto-wealth-report-2024" target="_blank" rel="noopener noreferrer nofollow">estimates</a>. Beyond cryptocurrency trading, the bank provides access to funds and U.S. stocks.
In late September, the bank&nbsp;<a href="https://crypto.news/hong-kongs-za-bank-becomes-first-virtual-bank-to-get-sfc-license/" target="_blank" rel="noopener noreferrer nofollow">received</a>&nbsp;approval from the China Securities Regulatory Commission to allow the company to add new conditions for virtual asset transactions to its Type 1 license, becoming the first Hong Kong digital-only bank to gain a license from the Securities and Futures Commission for Type 1 regulated activity.
Hong Kong introduced mandatory licensing for crypto exchanges in 2022, requiring compliance by February 2024. While over 24 companies have applied, nearly half <a href="https://crypto.news/hong-kongs-crypto-ambitions-tested-by-licensing-issues-report/" target="_blank" rel="noopener noreferrer nofollow">withdrew</a> applications by August, including major players like Bybit, Huobi HK, and OKX, highlighting challenges in navigating the city’s regulatory landscape.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/hong-kongs-za-bank-starts-offering-services-to-stablecoin-issuers/"> Hong Kong’s ZA Bank starts offering services to stablecoin issuers </a>

ZA Bank becomes first lender in Hong Kong to offer crypto trading for retail users

crypto.news

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