• Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
Sunday, June 4, 2023
No Result
View All Result
Our Bitcoin News
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
No Result
View All Result
Our Bitcoin News
No Result
View All Result

Hong Kong’s Largest Crypto Bank ZA Bank to Offer Cryptocurrency Trading

by Kurt Ebenzer
25 May 2023
KPMG: HNWIs in Hong Kong and Singapore are increasingly interested in cryptocurrency investments
Share on FacebookShare on Twitter

Providing services to individual investors under new regulations

ZA Bank, Hong Kong’s largest virtual bank, announced on the 24th that it plans to offer crypto asset (virtual currency) trading services for individual investors in Hong Kong.

ZA Bank plans to partner with local authorities-licensed cryptocurrency exchanges to allow retail investors to use ZA Bank’s app to trade cryptocurrencies with fiat currency. It is currently in the process of obtaining the necessary approvals from regulatory authorities.

ZA Bank CEO Ronald lu explained:

We welcome the licensing guidelines issued by the Hong Kong Securities and Futures Commission (SFC). We are also pleased to be able to provide users with new investment opportunities in cryptocurrencies.

We believe that cryptocurrencies have the potential to become an important asset class in the future.

ZA Bank has taken a strategy to expand the financial services it offers, and in addition to cryptocurrency trading, it plans to introduce trading services for US stocks in the future.

ZA Bank is a subsidiary of China-based insurance services company ZA Group. Service started in March 2020. It grew to have 300,000 users in just one year. Assets under custody in 2022 amounted to approximately ¥44.1 billion (HK$2.48 billion), ranking first among Hong Kong virtual banks.

What is a virtual bank?

A “virtual bank” is basically an Internet-only bank that does not have physical stores and basically conducts everything from acquiring customers to providing banking services online. In May 2019, the Hong Kong Monetary Authority (HKMA) issued virtual bank licenses to eight companies.

▶️Cryptocurrency Glossary

Hong Kong’s New Crypto Regulations

Hong Kong’s Securities and Futures Commission (SFC) has just announced on the 23rd that it will implement new regulations for cryptocurrency exchanges from 1 June. ZA Bank’s move will also correspond to this.

The new regulations will also allow retail investors to trade cryptocurrencies. At the same time, the company plans to thoroughly protect investors by introducing a licensing system.

Stocks that can be traded by individual investors must have a high market capitalization and be included in at least two indices, and the provision of interest rate and lending services is prohibited.

Stablecoins will not be available for use by individual investors until regulations are in place by 2024.

connection: Hong Kong enforces new rules for virtual currency exchanges from June, stipulating issues that can be listed

Movement of Chinese companies

Hong Kong is currently in the process of improving its regulatory environment with the aim of becoming a cryptocurrency hub, attracting related companies from overseas as well.

For example, Greenland Financial Technology Group, a wholly owned subsidiary of Greenland Holdings, which is 46.4% owned by the Chinese city government of Shanghai, is seeking a license in Hong Kong.

The company plans to offer trading in cryptocurrencies, NFTs (non-fungible tokens), carbon credits, and more. It seems that it sees an opportunity to do cryptocurrency business in Hong Kong amid the crackdown on cryptocurrencies in mainland China.

connection: Chinese state-owned company Greenland aims to offer cryptocurrency services in Hong Kong

Previous Post

Chinese State TV Covers Hong Kong Crypto News, Says Binance CZ

Next Post

Coinbase’s L2 “Base” reveals challenges and goals for mainnet launch

Kurt Ebenzer

Kurt Ebenzer

Kurt is an experienced writer with vast experience in documentation and interpretive math. His path to crypto journalism starts with Ourbitcoinnews and he hopes to shine new light in the noisy crypto media space.

Related Posts

Bitcoin plunges as discussions on mitigation reduction proceed, and material may come out at a hot event next week

Bitcoin declines due to worsening sentiment, hopes for bottoming out against the backdrop of US funds | bitbank analyst contribution

by Kurt Ebenzer
4 June 2023

Virtual currency market this week from 5/27 (Sat) to 6/2 (Fri) Mr. Hasegawa, an analyst at the major domestic exchange...

Attention is focused on the amount of burns on Ethereum, the first large-scale failure of the Solana chain, etc. | Weekly cryptocurrency news

Weekly cryptocurrency news | JP Morgan’s BTC price analysis attracts attention, remittance restrictions on domestic exchanges, etc.

by Kurt Ebenzer
4 June 2023

news of the week We will deliver the news of the week (5/27-6/2) together. Bitcoin (BTC) price analysis by JP...

Crypto assets such as Bitcoin are “calm before the storm” ── liquidity decline due to debt ceiling problem solution | coindesk JAPAN | Coindesk Japan

Is it a chance for crypto assets now, or is it the “calm before the storm”[9 carefully selected books to read on Sunday]| coindesk JAPAN | Coindesk Japan

by Damien Martin
4 June 2023

Given that crypto-assets are in the early stages of their evolution (indeed, they are), they have unrivaled potential to grow...

No Result
View All Result

Recent Posts

  • Bitcoin declines due to worsening sentiment, hopes for bottoming out against the backdrop of US funds | bitbank analyst contribution
  • Weekly cryptocurrency news | JP Morgan’s BTC price analysis attracts attention, remittance restrictions on domestic exchanges, etc.
  • Is it a chance for crypto assets now, or is it the “calm before the storm”[9 carefully selected books to read on Sunday]| coindesk JAPAN | Coindesk Japan
  • Binance Australia suspends Australian dollar settlement ── payment provider’s decision | coindesk JAPAN | Coindesk Japan
  • Five-Year Bet on Ethereum, What’s the Result? | coindesk JAPAN | Coindesk Japan
Our Bitcoin News

© 2021 Our Bitcoin News

Navigate

  • Home
  • Press Release
  • Sponsored
  • Our Journalists
  • Advertise
  • Editorial Policy
  • Privacy Policy
  • Terms & Conditions

Follow Us

No Result
View All Result
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners

© 2021 Our Bitcoin News