Mon 25 Nov 2024 ▪
5
min reading ▪ by
Micaiah A.
While China remains cautious about cryptocurrencies, Hong Kong is choosing a completely different path. In this territory, local players are accelerating the pace to integrate digital assets without fear of state repression. It is in this context that ZA Bank, the largest virtual bank in Hong Kong, is innovating by launching a crypto trading service for individual users, a first in Asia.
ZA Bank leads the way in crypto innovation in Asia
ZA Bank, a pioneer in digital banking, recently broke a glass ceiling by offering individuals in Hong Kong to buy bitcoin and ether directly via its application. With more than 800,000 users registered, this unicorn institution, active since 2019, is taking a major step forward by integrating cryptoassets into its offers.
Through a strategic partnership with HashKey Exchange, a key blockchain player in Asia, ZA Bank guarantees a smooth and secure experience. Calvin Ng, senior executive at ZA Bank, explains:
« The rise of cryptocurrencies offers diversified opportunities for investors, and our priority remains compliance and security. »
Key points:
- ZA Bank is the first bank in Asia to offer this service ;
- Users can trade in HKD or USD ;
- A controlled risk: access to the service passes through a mandatory prior assessment.
Bitcoin and Ethereum: simplified opportunities for the general public
Since August 2023, Hong Kong has allowed crypto trading for individuals, but only three platforms have won the regulatory pass. ZA Bank and HashKey are now positioning themselves at the forefront to meet this growing demand.
Users can purchase Ethereum (ETH) and Bitcoin (BTC), two pillars of the crypto market, without having to juggle between different platforms.
An approach that considerably simplifies investments. Livio Weng, CEO of HashKey, highlighted:
« This partnership opens a new era where traditional banking and crypto innovation come together to enrich the user experience. »
With the ambition to democratize cryptoassets, Hong Kong is giving itself the ways to compete with strongholds like New York or London. In the meantime, local individuals are already enjoying this progress.
ZA Bank’s bet is not limited to simplifying access to digital assets. By embracing the principles of Web3, the bank contributes to a broader movement: reshape wealth management in an era where finance and technology merge.
In Hong Kong, the Securities and Futures Commission (SFC) plans to issue more licenses for crypto trading platforms by the end of 2024. A strategy that could make the city an essential hub in crypto-friendly Asia.
This positioning clearly stands out from that of mainland China, which is always reluctant to validate this type of initiative. Here, innovation is seen as a strategic lever to attract global talent and capital.
Between Hong Kong and China, the contrast is striking. While Beijing is still hesitant to show its cryptographic cards, Hong Kong is taking the lead by drawing inspiration from American strategies, even going so far as to consider the creation of a strategic reserve in bitcoin. A bold choice, which demonstrates a clear vision to integrate these digital assets at the heart of its economic development.
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Micaiah A.
The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy in this world, against all hope, I will say that I had something to do with it
